Nithin Kamath said that the BSE and NSE had international linkages, but were closed today for local municipal elections.
The Indian stock exchanges are closed today, January 15, due to municipal elections in Mumbai and other parts of Maharashtra. The state government’s decision to declare a public holiday has been met with criticism by Zerodha boss Nithin Kamath. Kamath slammed the fact that the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) were closed today, calling it “poor planning”.
The Zerodha founder and CEO said that the closure of Indian stock exchanges due to the Brihanmumbai Municipal Corporation (BMC) elections demonstrated “a serious lack of appreciation for second-order effects.” Both the BSE and NSE have suspended trading in equity and equity derivatives for Thursday. Trading will resume as usual on Friday, January 16. Commodity derivatives trading will resume from 5 pm today.
This holiday was not included in the original 2026 trading calendar of the exchanges but was added earlier this week. The BSE and NSE, in separate circulars, confirmed that January 15 would be a trading holiday due to municipal corporation elections in Maharashtra.
Nithin Kamath Criticises BSE, NSE Closure
In a post on X, Kamath said that Indian stock exchanges had international linkages, but were closed today for local municipal elections. “As Munger said: “Show me the incentive, and I will show you the outcome.” The holiday exists because no one who matters has any incentive to oppose the market holiday. It also tells you how far we have to go before global investors take us seriously,” he wrote.
Indian stock exchanges are closed today for Mumbai’s municipal elections.
The fact that our exchanges, which have international linkages, are shut down for a local municipal election shows poor planning and a serious lack of appreciation for second-order effects.
As Munger…
— Nithin Kamath (@Nithin0dha) January 15, 2026
Kamath’s post struck a chord with some users, who also claimed that the municipal elections should not have resulted in a trading holiday. “Mumbai is just a place where stock market buildings exist, but what about FII, overseas people, other states, fund manager and their employees do today ? Markets are not only for retail and domestic only,” one user wrote.
Another claimed, “The NYSE hasn’t closed for an election since 1984. Section 135B of the RP Act is the problem, we need legislative reform, not just better planning.”
One account remarked, “If Indian markets aim to be globally competitive, holiday decisions must reflect global financial standards, not local political events. Closing for a municipal election but not on New Year’s Day makes little sense.”
However, some supported the decision. “It’s primarily because both BSE and NSE are headquartered in Mumbai, and there will be low staffing due to the election.”
