Calcutta, July 29 :    Calcutta, July 29:  The Joint Parliamentary Committee (JPC) probing the recent stock market scam is of the view that seven Mauritius-based overseas corporate bodies (OCBs) were the true beneficiaries of the upheveal on exchanges. The ownership of these OCBs is being scrutinised at present, and the hunt is likely to open a Pandora's box. A senior JPC member said their inference is based on recent reports filed by the Securities and Exchange Board of India (Sebi). 'We have conclusive evidence that the seven Mauritius-based OCBs manipulated the markets by trading through foreign institutional investors (FIIs) and siphoned huge amounts out of India. They appear to have been promoted by various companies here. Their ownership will enable us to identify the individuals who benefited from the scam,' the JPC member added. Confirming the development, Sebi chairman D.R. Mehta said investigation into the matter is on, and it may throw up more OCBs who gained from the scam. 'Of late, the Central Bureau of Investigation (CBI) and the Sebi are working in tandem,' he added. He said the Indian companies being probed for links with the OCBs made substantial investments in the stock markets through brokers, including Ketan Parekh. 'These firms saw their profits and tax liabilities decline because of huge provisions made for doubtful advances to marketmen, but their promoters have benefited,' the JPC member told The Telegraph. The promoters stashed away their gains outside the country through the OCBs. Not only has the government lost revenues due to lower taxable income, but the shareholders of these companies have been cheated because the doubtful advances have depressed profits, the JPC member said. The committee will meet in two to three days to take stock of the developments. 'We will ask the finance ministry to employ the various investigative agencies, including the CBI and the Enforcement Directorate (ED), to determine the ownership of these OCBs and whether there was a violation of the Fera or Fema,' the JPC member added. There is a possibility that the promoters will be asked to depose before the House panel, but not before it has collected enough evidence that links their companies to the OCBs. In its preliminary report on the scam, Sebi had identified five OCBs - European Investment, Far East Investment, Wakefield Holding, Brentfield Holdings and Kensington Investment - for having entered into large deals through various FIIs close to Parekh. These OCBs traded through the mechanism of participatory notes, which allowed investors who are otherwise not eligible to trade in India to do so. The JPC member said Sebi has hinted at possible misuse of the system by FIIs, and recommendations are likely to be made for amending the automatic repatriation and investment facilities offered to them. Speaking on the report submitted by the RBI on the role of banks in market manipulation, the JPC member said: 'No public sector bank appears to be involved in a big way in the scam. But the role of a large number of development financial institutions appear to be suspect. There are IDBI and IFCI, to name a few. A detailed probe is currently under way.