Nithin Kamath reacts to BSE, NSE being closed for Maharashtra civic elections: ‘Poor planning’
BSE and NSE will reopen tomorrow after a one-day closure for Maharashtra civic elections.
Zerodha co-founder and CEO Nithin Kamath expressed his dissatisfaction with markets shutting for Maharashtra civic polls. Taking to X, he criticised that it shows “poor planning and a serious lack of appreciation for second-order effects.”
“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,” the billionaire wrote.
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Quoting the late Charlie Munger, renowned American investor and businessman, Kamath tweeted, "Show me the incentive, and I will show you the outcome."
Kamath continued, “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.”
Social media reacts:
The tweets prompted mixed reactions on social media. While some agreed with Kamath, others disagreed.
An 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.”
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Another added, “When foreign markets are closed, do we close our own? If we are connected internationally.” A third posted, “Why is it necessary to close the stock exchange for municipal elections? People can exercise their voting rights while performing their duties.”
Indian stock markets remained closed for trading on Thursday due to the municipal corporation elections in Maharashtra. Trading was halted for both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The activities will resume on Friday, January 16, after the one-day closure.
Google Trends
"Indian stock market" was the most-Googled term on Thursday, with over 50,000 searches. Other related terms and questions that people looked up include "Indian stock market", "Is market closed on 15th Jan", "stock market today" and "Is stock market open today".
