Who Is a Sub-Broker?

Sub-broker is not a trading member of the stock Exchange but acts on behalf of a stock broker as an agent or otherwise for assisting investors in buying, selling or dealing in securities through such stock brokers. No sub-broker can buy or sell securities unless he holds a certificate granted by SEBI. SEBI has stated that the trading member of the Exchange is responsible for the acts, deeds and things of the subbrokers affiliated to it.