The Indian stock exchanges- the BSE and the NSE- are closed today, i.e. Thursday, January 15, due to a public holiday in Maharashtra for local body elections. While holidays are a routine administrative decision, fairly on expected lines, Zerodha’s Chief Executive Officer (CEO), Nithin Kamath, believes the stock market holiday for the local municipal election shows poor planning.
Kamath wrote on social media that even as Indian stock exchanges have international linkages, their closure for a local municipal election reflects poor planning and a serious lack of appreciation for second-order effects, or the indirect, follow-on consequences.
“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 on X.
“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,” Kamath added.
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