Merchant banker liability exposes intermediaries to specified enforcement actions including measures under the intermediaries regulatory framework. A merchant banker who contravenes any of the provisions of the Act, Rules or Regulations framed thereunder shall be liable for one or more actions specified therein, including the action under the Securities and Exchange Board of India (Intermediaries) Regulations, 2008; the provision was substituted by the Intermediaries Regulations with effect from the stated date of substitution.