Senior counsel Malik Rafique concluded his arguments in the defence of Deputy Inspector General (DIG) Saud Aziz and Senior Superintendent of Police (SSP) Khurram Shehzad.
Meanwhile, the court acquitted five men of conspiracy to murder, citing lack of evidence.
Five others were acquitted in the case, while two senior police officials were sentenced to 17 years in prison.
Former president Pervez Musharraf is also a suspect in the case, who has remained absconding since the beginning. Saud Aziz, then police chief of Rawalpindi, was found guilty of security negligence, and for damaging evidence by having the attack site hosed down soon after the attack. After the verdict, the court will then resume trial against Musharraf after his return to Pakistan. He moved to Dubai in 2016 after a travel ban was lifted.
It is expected that the judgement will be announced at Rawalpindi's Adiala Jail this week, as Judge Khan earlier said he would require two days to scrutinise and compile all the records. During the hearing, half a dozen judges were changed.
She was killed when she stood up and put her head out of a sunroof-style escape hatch in the bombproof vehicle.
Benazir Bhutto was killed in a gun and bomb attack in Rawalpindi's Liaquat Bagh during an election campaign rally.
Bhutto became the first woman elected to lead a Muslim-majority country in 1988, when she first became prime minister.
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Seven TTP militants who were under accusation in the case were killed in military operations since 2007, including its leader, Baitullah Mehsud, who was killed in a drone attack in 2009.
In 2010, a United Nations report accused Musharraf's government of failing to give Bhutto adequate protection and said her death could have been prevented.
Responsibility for the assassination remains shrouded in mystery.
Bhutto was a shrewd but divisive figure throughout her political career - mired in corruption allegations and despised by extremists.
Pakistan's former Prime Minister Benazir Bhutto, center, shouts "freedom freedom" slogans at a protest camp arranged by journalists against the media crackdown, Saturday, Nov. 10, 2007 in Islamabad, Pakistan.
Pakistan Peoples Party leader Sheila Raza also expressed dissatisfaction over the verdict. The Pakistani Taliban executed it.
Bilawal took to Twitter to state that the decision was not only unjust but it is also risky to set terrorists free, and the PPP would explore legal options.