Mumbai: Indian stock markets remained closed on Thursday, January 15, 2026, for Maharashtra civic elections, prompting criticism from Zerodha co-founder and CEO Nithin Kamath. Taking to X (formerly Twitter), Kamath expressed his dissatisfaction with the decision, calling it an example of “poor planning” and a failure to consider the broader consequences of halting trading on the BSE and NSE.

“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 wrote.

He further referenced the late American investor Charlie Munger, tweeting, “Show me the incentive, and I will show you the outcome.” Kamath explained that the holiday exists because “no one who matters has any incentive to oppose the market holiday,” adding, “It also tells you how far we have to go before global investors take us seriously.”

Market Closure for Civic Polls

The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) were closed for a one-day holiday due to polling in Maharashtra’s municipal corporations, including Mumbai’s high-profile Brihanmumbai Municipal Corporation (BMC). Trading is scheduled to resume on Friday, January 16.

The closure meant that investors, traders, and global participants with exposure to Indian equities were unable to transact for the day, affecting liquidity and operations, particularly for foreign portfolio investors (FPIs) and mutual funds with international linkages.

Public and Investor Reactions

Kamath’s remarks drew mixed responses on social media. Some users echoed his concerns about the international ramifications of closing markets for local elections.

One individual wrote, “It is truly disappointing to see that the Indian equity market is closed because of the Municipal elections of Maharashtra. Our markets are not local markets; they have exposure to FPIs, Sovereign Funds, various global investors, and investors from across the country, among others. The Government should have given half-day leave to all the employees to vote, and the rest of the employees would have taken care of smooth functioning.”

Another user questioned the logic behind the closure, adding, “When foreign markets are closed, do we close our own? If we are connected internationally.” Others highlighted that employees could exercise their voting rights while continuing to work, reducing the need for a full market shutdown.

Despite the criticism, election authorities maintain that market closure is a standard practice to allow employees and stakeholders in critical sectors to participate in voting without logistical challenges.

Google Trends Show Spike in Market Interest

The market closure also triggered a spike in online searches related to the Indian stock market. According to Google Trends, “Indian stock market” was the most-Googled term on Thursday, with over 50,000 searches. Other commonly searched queries included “Is market closed on 15th Jan,” “stock market today,” and “Is stock market open today.”

Balancing Democracy and Market Operations

While the decision to close the BSE and NSE was aimed at facilitating voter participation, Kamath’s comments highlight an ongoing debate about how to balance democratic obligations with financial market operations, particularly in a globally interconnected economy.

Indian exchanges are linked to multiple international investors and funds, meaning that a one-day closure can have ripple effects on trading, hedging, and portfolio strategies globally. Critics argue that allowing markets to operate, with staggered leave for employees to vote, would be a more nuanced approach.

Looking Ahead

Trading is set to resume on Friday, January 16, restoring normal market operations. Meanwhile, Kamath’s comments have sparked wider discussions in the financial community about the need for India to modernize its approach to market holidays and align more closely with international practices.

The debate underscores the tension between civic duty and financial market efficiency, especially in a country like India where equity markets play an increasingly vital role in global investment flows.