Stock exchanges have announced significant schedule changes for traders as Maharashtra prepares for its civic elections. The BSE and National Stock Exchange (NSE) have declared January 15, 2026, as a trading holiday due to Municipal Corporation Elections, prompting the advancement of Sensex F&O expiry to January 14.

Trading Segments Affected

All major trading segments will remain closed on January 15, creating a comprehensive market shutdown. The closure encompasses multiple trading categories that typically operate on regular trading days.

Exchange Notifications and Timeline Changes

BSE issued a circular on January 12 detailing the schedule modifications. "Trading Members are requested to note that on account of Municipal Corporation Election scheduled to be held on January 15, 2026, the following trading segments will remain closed on January 15, 2026: Equity Segment, Equity Derivatives Segment, Commodity Derivatives Segment, Electronic Gold Receipts. Equity Derivatives Contracts scheduled to expire on January 15, 2026 shall be preponed to January 14, 2026," the exchange stated.

The NSE separately notified the market closure, confirming Thursday, January 15, 2026, as a trading holiday in the capital market segment. This represents a change from the exchange's earlier position, which had initially designated January 15 as only a settlement holiday while keeping trading operations open.

Government Holiday Declaration

The Maharashtra government officially declared January 15 as a public holiday in Mumbai to facilitate civic polls. This declaration affects multiple institutional categories across the city's jurisdiction.

The holiday applies comprehensively across Mumbai, including the city and eastern and western suburbs. Additionally, voters registered in Mumbai but working outside the city are covered under the government order, allowing them to participate in the electoral process.

Electoral Process and Market Context

Vote counting is scheduled for January 16, following the January 15 polling day. This civic election follows established precedent, as markets were similarly closed during the previous civic polls held in 2017.

Stock exchanges typically observe approximately 15 trading holidays annually, excluding regular weekend closures on Saturdays and Sundays. The civic poll holiday represents part of this standard holiday calendar, ensuring market participants can fulfill their civic duties while maintaining orderly market operations around significant public events.

The National Stock Exchange (NSE) and Bombay Stock Exchange ( BSE ) have announced a trading holiday on January 15, 2026, due to Municipal Corporation elections in Maharashtra. Both exchanges issued circulars on Monday confirming the closure of major trading segments for the entire day on Thursday.

Trading Segments Affected

The following segments will remain completely closed on January 15:

• Equity trading
• Equity derivatives
• Electronic gold receipts (full day closure)

Both exchanges confirmed that these segments will not operate during regular trading hours due to the state elections.

Limited Commodity Trading Available

Despite the broader closure, both exchanges will offer restricted trading in commodity derivatives during evening hours. The trading arrangements are as follows:

The morning session for commodity derivatives will remain closed on both exchanges.

Contract Expiry Adjustments

To accommodate the trading holiday, both exchanges have made specific arrangements for contracts scheduled to expire on January 15. According to BSE's notice, equity derivatives contracts that were set to expire on the holiday will be preponed to January 14. These modifications have been incorporated into the end-of-day contract master files to ensure smooth settlement.

Election-Related Closure

NSE's circular, issued as a partial modification to an earlier notice dated December 15, specifically cited the Maharashtra Municipal Corporation elections as the reason for the closure. The trading holiday aligns with the state's electoral schedule, ensuring market participants can focus on the democratic process.

Instructions for Trading Members

Both exchanges have requested their trading members to take note of these special arrangements and plan their trading activities accordingly for the week. The exchanges emphasized the importance of understanding the modified trading schedule to avoid any operational disruptions during the election period.