‘Poor planning’: Nithin Kamath questions stock market closure during BMC polls; flags ‘serious lack of appreciation’

Zerodha co-founder Nithin Kamath has flagged concerns over the closure of Indian stock market exchanges on January 15, after trading was suspended due to municipal corporation elections in Maharashtra. Commenting on the decision, Kamath questioned the planning behind declaring a market holiday for the local civic election. “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.”He further went on to site Charlie Munger, vice chairman of Berkshire Hathaway. “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.”He further flagged, “It also tells you how far we have to go before global investors take us seriously.” Nithin Kamath is the co-founder of Zerodha, an online platform that allows users to invest in stocks, derivatives, mutual funds, ETFs, bonds, and other financial instruments. Both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) are closed on Thursday, with no trading across any segment. Trading is set to resume on January 16. In a statement confirming the change, the exchange said, “Sub: Changes in settlement schedule on account of Trading Holiday on January 15, 2026 This is with reference to NSE circular NSE/FAOP/72262 dated January 12, 2026, wherein Trading Holiday has been declared on January 15, 2026, on account of Municipal Corporation Election in Maharashtra.” The market closure comes as polling is scheduled for municipal corporation elections across Maharashtra, leading to the suspension of trading activities for the day. Market participants were informed that normal operations would resume the following day. Meanwhile, security was tightened in Mumbai ahead of the Brihanmumbai Municipal Corporation (BMC) elections. Mumbai Police set up barricades at several locations and carried out vehicle checks to ensure smooth polling. Officials said arrangements were in place to maintain law and order during the civic elections. Voting in Mumbai is scheduled between 7.30 am and 5.30 pm across 227 wards, with counting of votes set for January 16.