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The major stock market scandal is to do with backdating of stock options.
More than 100 probes are on, involving scores of companies, including reputed firms like Apple.
It estimates that as many as 2,270 firms, or 29.2% of the sample, manipulated grants to top executives. The fraud is that these cases have not included full disclosure to shareholders, payment of extra applicable taxes, and earnings statements that reflect the modified grant dates.
The CEO made a profit of about .4 million through backdating.
How widesp-read is the practice of backdating There are no clear answers as of now.
However, a recent study by Indiana University's business school estimates that 18.9% of unscheduled gr-ants to top executives from 1996 to 2005 were backdated or manipulated.
However, as promptly is not defined, this can be interpreted loosely.
How could an Indian company misuse this facility Say, the share price of a company say is Rs 100 on August 1. The firm can backdate its compensation committee meeting to August 2, use the price of August 1 as prescribed by Sebi, and grant options at Rs 100. The exchange is unlikely to question this, and even if it does, the firm can plea oversight, especially as no time limit is prescribed.