On this Special Report, the focus is on the criticism leveled by Zerodha Founder and CEO Nithin Kamath regarding the closure of Indian stock exchanges for the Mumbai municipal elections. Kamath questioned the decision, stating, ‘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.’ He argued that such holidays hinder India’s credibility with global investors and affect traders across the country who have no connection to the local polls. Quoting Charlie Munger, Kamath noted that the incentive to oppose such holidays is lacking among decision-makers. The programme discusses the implications of halting market operations for local events and the concerns raised by industry leaders about the impact on India’s financial reputation and the accessibility of markets for international and domestic investors alike.