Bangalore: Market regulator Sebi dropped charges levelled against Pioneer TCP Stock Brokers of granting trading terminal facility to un-registered sub broker. The matter dates way back to 2003-2004. "...the alleged violations of providing trading terminals at the office address of its clients, who acted as unregistered sub-brokers is not established beyond doubt... hereby exonerate Pioneer TCP Stock Brokers (PTCP). Accordingly the matter is disposed of," Sebi said.

It was alleged that the PTCP had provided dealer terminal facility to some of their clients who were not registered as sub-broker to it. The trading terminals were granted to speed up execution of their trades from a dedicated ID and that the charges were levied towards this facility.

As per the Securities and Exchange Board of India (Sebi's) regulation on stock broker, no sub-broker can buy, sell or deal in securities unless he or she holds a certificate granted by the market regulator. The allegation was based on the observation from the financial ledgers of some of the clients of PTCP.

"...there is insufficient evidence to hold that PTCP has granted terminals to unregistered sub-broker/ client's place....the financial ledgers of the clients alone cannot be a conclusive evidence to hold that PTCP has granted terminals to unregistered sub brokers/clients' place," Sebi said.