Zerodha CEO Questions Market Holiday for Mumbai Civic Polls
Zerodha CEO Nithin Kamath criticises stock market closure for Mumbai's BMC polls, calling it poor planning.
Zerodha founder and CEO Nithin Kamath has strongly criticised the decision to shut Indian stock exchanges for the Brihanmumbai Municipal Corporation (BMC) elections, calling it an example of poor planning and lack of foresight. His remarks came as Dalal Street remained closed following a public holiday declared by the Maharashtra government to encourage voter participation.
Due to the holiday, no trading activity is taking place on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), including in the capital markets and futures and options segments. The shutdown has halted all domestic trading operations for the day, with markets scheduled to reopen tomorrow.
In an online post, Kamath highlighted the global interconnectedness of Indian markets and questioned the rationale behind halting trading for a local civic election. He said such closures demonstrate a serious lack of understanding of the broader economic and global implications of suspending market activity.
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Quoting legendary investor Charlie Munger, Kamath remarked that the absence of opposition to the market holiday reflects misplaced incentives. He argued that the closure persists because those with influence have no motivation to challenge it, underscoring structural issues in decision-making around market operations.
Kamath further warned that repeated disruptions like these could hurt India’s credibility among global investors. According to him, such decisions indicate that Indian markets still have a long way to go before being viewed on par with major international financial hubs.
The criticism comes amid a challenging phase for Indian equities, marked by volatility, foreign investor outflows, and global uncertainties. The markets ended lower in the previous session, with the Sensex falling 245 points and the Nifty closing 66.7 points lower at 25,665.60, adding to investor concerns.
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