Zerodha co-founder and investor Nikhil Kamath on Wednesday criticised the decision to shut Indian stock exchanges for Mumbai’s municipal elections, calling it a reflection of poor planning and a lack of understanding of the broader economic implications.In a post on social media, Kamath said closing markets for a local civic election was difficult to justify at a time when Indian exchanges have deep international linkages. “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 wrote.Indian stock exchanges are closed today for Mumbai's municipal elections.
Referring to a quote by veteran investor and former Berkshire Hathaway vice chairman Charlie Munger-“Show me the incentive, and I will show you the outcome”-Kamath argued that the absence of opposition to such market holidays stems from a lack of incentives for key stakeholders to challenge the status quo. He added that the episode highlights how far Indian markets still have to go to gain greater credibility with global investors. Polling for 29 municipal corporations across Maharashtra began on Thursday morning, with the state government declaring a public holiday to ensure maximum voter participation. In addition to stock markets, government and semi-government offices, public sector undertakings, banks, central government offices within the Brihanmumbai Municipal Corporation (BMC) limits, and civic-run schools and colleges in Mumbai also remained closed. The stock market holiday calendar shows that there will be a trading holiday for a total of 16 days in 2026. After today’s stock market holiday, the next trading holiday falls on January 26 for Republic Day.