The National Stock Exchange (NSE) has announced a trading holiday on January 15 for the equity market due to Maharashtra municipal elections. This official declaration means all equity trading operations will remain suspended on the specified date.

Market Closure Details

The holiday announcement specifically covers equity market operations, with the exchange citing Maharashtra municipal polls as the reason for the closure. This decision follows NSE's established protocol of observing holidays during significant electoral events.

Impact on Trading Operations

Traders and investors should note that all equity trading activities will be suspended on January 15. The market closure affects regular trading sessions and related equity market operations on the NSE platform.

Market participants are advised to plan their trading strategies accordingly, considering this scheduled holiday in their investment decisions and portfolio management activities.

The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will maintain regular trading operations on January 15, 2026, while implementing a settlement holiday due to municipal elections in Maharashtra. This arrangement creates specific implications for traders, particularly those using Margin Trading Facilities (MTF).

Settlement Operations Suspended

The NSE announced that T+0 settlement number 2026511 will not take place on January 15, 2026. Trades executed on both January 14 and January 15 will have their settlements postponed to January 16, 2026, creating a consolidated settlement process.

The NSE specifically advised members to note the revised cut-off timings for pay-in at depositories due to the adjusted settlement schedule for January 16, 2026.

Maharashtra Election Holiday Declaration

The Maharashtra government declared January 15, 2026, a public holiday under the Negotiable Instruments Act to facilitate local body elections across 29 municipal corporations. This includes Mumbai City and Mumbai Suburban districts governed by the Brihanmumbai Municipal Corporation (BMC).

The notification was issued under Section 25 of the Negotiable Instruments Act, 1881, utilizing powers delegated to the state government by the Ministry of Home Affairs since 1968. The Brihanmumbai Municipal Corporation confirmed the holiday through an order from the state's General Administration and Industries and Labour departments.

Operational Impact on Financial Infrastructure

The public holiday affects multiple components of the financial ecosystem:

• Government and semi-government offices remain closed
• Public sector units suspend operations
• Banks close for the day
• Depositories including NSDL and CDSL halt operations
• Clearing and settlement systems pause functionality

The government order extends to voters registered in Mumbai but working outside the city, allowing them to participate in the electoral process. Vote counting is scheduled for January 16, 2026.

MTF Trading Implications

Margin Trading Facility operations face specific constraints during settlement holidays. When markets remain open but clearing and settlement systems close, share transfers experience delays with several operational restrictions.

Shares purchased under MTF on January 14 will be credited to investor portfolios under MTF positions on January 16, 2026, rather than on the holiday itself. Investors cannot sell shares purchased under MTF or on a buy-today-sell-tomorrow (BTST) basis on January 15, with such transactions permitted only from January 17, 2026, onward.

Market Participant Guidance

While trading activity continues normally on January 15, 2026, the settlement pause delays ownership transfers and affects the timing of share credits to Demat accounts. Market participants should plan their transactions considering these settlement delays and the restricted use of shares for further transactions until settlement operations resume on January 16, 2026.