New Delhi, Dec. 12 :    New Delhi, Dec. 12:  Mauritius is prepared to launch joint investigations into the affairs of errant overseas corporate bodies (OCBs)- owned by non-resident Indians-that use the Indian Ocean tax haven to channel funds into India. The OCBs have been accused of being at the heart of a sensational bear scam that rocked the stock markets in March this year. Speaking to The Telegraph in an exclusive interview hours after a closed-door meeting with finance minister Yashwant Sinha, Mauritius minister of economic development and financial services, Sushil K. C. Khushiram, said the island nation was open to joint probes and action against suspect OCBs. He said Mauritius was concerned that the errant OCBs have blighted the country's image as a financial hub with impeccable credentials and is at pains to stress that its legislative and regulatory standards match the best in the world. 'We have offered our co-operation and are open to joint action,' Khushiram said. The minister added Mauritius is setting up a new super-regulator for the financial sector - Financial Services Commission - to keep the OCBs under watch. 'Having understood that these funds could be misused for manipulating shares in India, the FSC will keep them under watch,' he said. The role of the OCBs in the stock market scam which rocked the bourses early this year is currently being investigated by a Joint Parliamentary Committee, the Securities and Exchange Board of India and the Central Bureau of Investigation. The Mauritius-based OCBs, which enjoy tax-free status on the island, have been accused of siphoning away several thousands of crores of rupees from the bourses. In one case, a firm with a token paid-up capital of just $ 1 took out over Rs 470 crore from the country. Sources said Khushiram also outlined to Sinha the legislative changes that his country planned to introduce to plug existing loopholes. Although he did not comment on his talks with the finance minister, Khushiram said Mauritius will soon introduce a Collective Investment Bill which would tighten regulation of both domestic and offshore investment firms. A financial investigation unit being set up by Mauritius will also co-operate with Indian authorities to detect and bring to book hawala operators and market manipulators, he said. However, Khushiram made it clear that he had not discussed renegotiation of the double taxation treaty which allows OCBs and FIIs operating out of the island, to avail of huge tax breaks. 'It's a win-win situation for both countries ... if there is no need, why fix it,' the minister asked. Obviously, Mauritius is not keen to change the taxation treaty which has turned it into a major financial centre in the Asia-Africa region. Some 50 per cent of the funds flowing through the island are headed for India. China comes second, accounting for just 15 per cent while South Africa is a poor third with just 10 per cent of the monies earmarked for it.