India’s stock markets stayed shut on January 15 after the Maharashtra government declared a public holiday for Mumbai’s municipal elections. This sudden closure of BSE and NSE sparked a sharp reaction from Zerodha CEO Nithin Kamath. He called the move “poor planning” and said it shows a lack of understanding of global market impact.
The holiday was not part of the original 2026 trading calendar and was added only days ago. While equity trading stopped, commodity trading resumes at 5 PM today.
Nithin Kamath Criticises BSE NSE Closure
Nithin Kamath took to X to question why Indian stock exchanges, which are deeply linked with global markets, should shut down for a local civic election. He said this reflects “a serious lack of appreciation for second-order effects.” Quoting Charlie Munger, Kamath hinted that no one with power has an incentive to oppose such holidays.
Indian stock exchanges are closed today for Mumbai's municipal elections.
— Nithin Kamath (@Nithin0dha) January 15, 2026
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…
Many users agreed with him. One said markets are not just for Mumbai or retail investors, but for global funds, foreign investors, and institutions across India. Another pointed out that the NYSE has not closed for elections since 1984, suggesting India needs legal reform, not just better planning.
However, some defended the decision, saying BSE and NSE are based in Mumbai, and staffing becomes difficult during elections. Still, the debate has reopened an important question: if India wants to be a global financial hub, should local political events decide market operations?
Stock Market Holidays In 2026
In total, Indian stock exchanges will remain closed for 16 days in 2026. The next market holiday will be on January 26 for Republic Day. March will have three holidays, while April and May will see two each. June and September will have one holiday each. October and November will have two holidays each, and December will have one.
Interestingly, four of these holidays fall on weekends, meaning traders will feel fewer breaks. The sudden January 15 holiday stands out because it was added late and was not part of the original calendar.
For many investors, this incident highlights the need for a more predictable and globally aligned holiday system, one that respects local realities without disrupting India’s growing role in world markets.
