According to the mythological stories it is said that Prallad the son of a royal king, who considered himself the God but his own son 'Prallad' refused to accept that, then one day in the pride he ordered his sister Holika to kill his son by burning him in the fire. In spite of the attempt the Holika could not kill her as he chanted the name of God repeatedly, instead she got killed. To celebrate this victory of truth and justice this festival is celebrated with the colour of joy and happiness and on the night before the festival a huge bone fire is organised by the people as the symbol of Holika (Evil) is being burnt in the fire. The other story is about Putana who is remembered as she came to poison Lord Krishna, she died when Krishna was suckling to kill the evil. It is alo celebrated in the memory of Kamadeva the Indian Cupid who was killed by Lord shiv when his temerity got arouse and as a result of breaking his prayer he killed Kamadeva.
On this festival large fairs and a carnival is organised by the Government of India. The Shigmo is full of colour, joy and excitement among all the people. Tourists form various parts of the world come here to enjoy this extravagant carnival and the take a taste of Goa and its tourism. The tribal songs and dresses are wore by the people, dance, dramas and many entertaining activities are organised by the people. People take their dhol, tamasha and baja door to door ask money and later in the night a great carnival of song and fun is organised to cherish the mind of the people. A religious ceremonial bath is taken by the people.