Why Zerodha's Nithin Kamath is unhappy with markets shutting for Maharashtra civic polls

Nithin Kamath, Zerodha founder and CEO

• Nithin Kamath criticized stock market closure for Mumbai civic elections
• BSE and NSE shut on Jan 15 for Maharashtra municipal polls
• Kamath says such holidays hurt India's global investor image

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Nithin Kamath, founder and chief executive officer of Zerodha, criticized the closure of stock markets for local civic elections, saying it shows “poor planning”.

The online stock brokerage platform’s chief argued that India’s exchanges have international linkages and shutting them down for local elections affects global image.

“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,” Kamath said in a post on X on January 15.

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

Quoting the late Charlie Munger, investor and long-time business partner of Warren Buffet, Kamath said the holiday exists because no one has any incentive to oppose it. He also blamed such decisions for global investors not taking India seriously.

Stock market holiday today: BSE, NSE to remain shut for Maharashtra civic polls

“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.

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed on January 15 for the local municipal elections across Maharashtra. Brihanmumbai Municipal Corporation, which runs India’s financial capital and is the richest civic body in the country, will also see election for its 227 wards.

Trading in equities, equity derivatives, securities lending and borrowing (SLBs), as well as currency and interest rate derivatives will remain suspended for the day across both the BSE and the NSE.

In the commodity derivatives segment, trading will be halted during the morning session but will resume in the evening.

Indian equities closed lower in a volatile, range-bound session on January 14, with losses in auto, IT and realty stocks outweighing gains in metal, PSU banking and oil & gas shares. Market participants largely remained cautious ahead of the US Supreme Court’s ruling on the legality of President Donald Trump’s tariff measures.