Terming disclosures of financial wrong-doings at Satyam as an event of "horrifying magnitude," market

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regulator SEBI today said it would take all steps under the law for which it has started discussions with government and bourses.

"We are in touch with Ministry of Corporate Affairs... We are also in discussion with them as to what steps need to be taken from the perspective of power they have under the law and SEBI has under the law," SEBI Chairman C B Bhave said.

SEBI was also forwarding the letter written by Satyam's Chairman Ramalinga Raju on his stepping down with the confession that the profits in the company were inflated over the years, leading to wide gap between real and imaginary assets.