The closure of Indian stock exchanges on Thursday, January 15, 2026, due to the Brihanmumbai Municipal Corporation (BMC) elections has drawn criticism from Zerodha CEO Nithin Kamath, who described the move as "poor planning". The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) were both closed for trading as Mumbai went to the polls.

Kamath highlighted the disconnect between the Indian stock market's increasing integration with global markets and the continued practice of declaring trading holidays for local events. He argued that the lack of strong opposition to such holidays indicates a need for greater emphasis on establishing India's credibility in the global financial arena.

The market holiday was not initially included in the official 2026 trading calendar released by the BSE and NSE. The decision to close the exchanges was made earlier in the week, seemingly in response to the Maharashtra government's declaration of January 15 as a public holiday to facilitate the local elections.

The BMC elections are particularly significant this year. The undivided Shiv Sena had controlled the BMC for 25 years. This election marks the first time the Shiv Sena is contesting the civic polls since its split in 2022, when Eknath Shinde defected with a majority of the MLAs. The BJP-led Mahayuti coalition is locked in a fierce battle with the Thackeray faction for control of the BMC. Across Maharashtra, excluding Mumbai, the municipal corporation elections will be held across 2,869 seats across 893 wards. Approximately 3.48 crore voters are eligible to vote for 15,931 candidates, including 1,700 in Mumbai and 1,166 in Pune. Over 25,000 police officers were deployed in Mumbai to ensure the security of the election.

Kamath's criticism reflects a broader concern about the efficiency and global perception of Indian financial markets. The unexpected holiday disrupts trading activity and potentially impacts investor sentiment, especially given the interconnected nature of global financial markets.