The Big Question: Will Jan 15 Be a Trading Holiday for Indian Stock Market?

The year 2026 has begun with a flurry of activity, not just in the markets but in the administrative corridors of Maharashtra. The Government of Maharashtra has officially declared January 15, 2026, as a public holiday. This decision, notified under the Negotiable Instruments Act, aims to facilitate a smooth voting process for the crucial Municipal Corporation Elections scheduled across 29 major civic bodies, including Mumbai (BMC), Pune (PMC), Thane (TMC) and Navi Mumbai (NMMC).

While the state government has mandated a paid holiday for all government, semi-government, and private establishments to ensure maximum voter turnout, the financial world is currently in a state of "wait and watch." As of today, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have not updated their official holiday calendars to include January 15.

The Current Stand of NSE and BSE

According to the 2026 holiday list released by the exchanges in late 2025, only one trading holiday is scheduled for January—Republic Day on January 26. On the current calendar, January 15 remains a regular trading day. Historically, however, the stock exchanges (which are headquartered in Mumbai) often adjust their schedules when the state government declares a holiday for significant democratic events.

A Look at History: When the Markets Paused for Polls

If we look back at recent history, there is a clear precedent for the exchanges aligning with government election holidays.

• November 20, 2024: For the Maharashtra State Assembly Elections, the Maharashtra government declared a public holiday. Initially, the markets were not scheduled to be closed, but both the NSE and BSE later issued a circular notifying a trading holiday to ensure employees and market participants could exercise their right to vote.
• May 20, 2024: A similar situation occurred during the Lok Sabha (Parliamentary) Elections. Since polling took place in Mumbai, the exchanges declared a trading holiday in partial modification of their original calendar.
• January 22, 2024: While not an election, the markets also observed a special holiday for the Ram Mandir inauguration after the state and central governments declared a half-day or full holiday.

The Big Question: Will Jan 15 Be a Trading Holiday?

The municipal elections in Maharashtra are no small feat. Given that the BMC (Brihanmumbai Municipal Corporation) elections involve the very city that serves as India's financial capital, the logistical pressure on market participants—brokers, traders, and exchange staff—is immense.

While the state government has already sent out the notification, the ball is now in the court of the exchange authorities. Usually, such announcements are made via a circular just a week or a few days before the event.

The ultimate question remains: Will the NSE and BSE prioritise the standard trading calendar, or will they follow the precedent set during the 2024 Assembly and General Elections? With the Maharashtra government pushing for 100 per cent voter participation and threatening legal action against private firms that deny leave, can the heart of India’s financial district remain open while the rest of the city heads to the polls?

Investors and traders should keep a close eye on the NSE and BSE circular sections this week. If the exchanges do decide to close, it will result in a mid-week break, shifting settlement cycles and potentially impacting weekly derivatives expiry.

Disclaimer: The article is for informational purposes only and not investment advice.