The NSE CEO also provided clarity on the exchanges long-awaited IPO. He said the application has been accepted "in principle", but a formal written no-objection certificate (NOC) from regulators is still awaited.

Decisions By Authorities Should Be Respected, Says NSE CEO On Market Holiday Debate

India's Stock Market Holiday Calendar Under Scrutiny

The National Stock Exchange of India's (NSE) decision to close markets for Mumbai's municipal elections has reignited a long-standing debate over whether Indian markets shut too frequently.

Market Shutdowns and International Participation

Commenting on the issue, NSE CEO Ashish Chauhan emphasized that market shutdowns tied to civic or democratic events are part of India's institutional framework and must be viewed in that context.

Chauhan cited that every country follows its own democratic processes
Decisions taken by authorities should be respected
India has established systems guiding such actions

Public Debate on Social Media

A public exchange on social media between Zerodha's Nithin Kamath and Helios Capital's Samir Arora has reignited the debate over market holidays.

Kamath questioned the rationale for closing exchanges with significant international participation for a local election
Arora countered by challenging the assumption that fewer holidays automatically make markets more globally aligned

Union Budget and Fiscal Priorities

NSE CEO Ashish Chauhan also provided insights on the Union Budget, stating that modern budgets are increasingly focused on managing government revenues and spending.

With GST and the Direct Tax Code in place, room for sweeping tax changes is limited
Investors continue to hope for cuts in securities transaction tax (STT), lower long-term capital gains (LTCG) tax and possible GST relief
Chauhan cautioned that such measures directly affect the government's ability to fund social programmes

NSE's Long-Awaited IPO

NSE CEO Ashish Chauhan provided clarity on the exchange's long-awaited IPO, stating that the application has been accepted "in principle" but a formal written no-objection certificate (NOC) from regulators is still awaited.

Preparation of the draft red herring prospectus (DRHP) is expected to take three to four months
Securities and Exchange Board of India review period is expected to take two to four months
Overall, the IPO could take six to eight months after the NOC

Market Holidays in 2026

Indian stock exchanges will observe 16 trading holidays in 2026, excluding weekends.

With the latest closure, the debate over market holidays continues, with investors and market participants weighing the pros and cons of closures and their impact on international participation.

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