The Bangladesh Securities and Exchange Commission (BSEC) is set to investigate all the activities of Strategic Equity Management Ltd (SEML) since its inception in 2007, and to check for any anomalies.

Former chairman of Padma Bank Chowdhury Nafeez Sarafat and his family members have ownership in the asset management company and he allegedly manipulated the stock market.

The stock market regulator formed a three-member committee today, led by Mohammad Amdadul Hoque, additional director of the BSEC, according to an order by the regulator. 

The committee will submit the investigation report within 60 days.

The enquiry committee was formed to examine whether the "Alternative Investment Fund of Bangladesh" of SEML complied with the investment parameters of the alternative investment rules.

It will also examine valid evidence against all the investments of the fund and the conflict of interests arising through investment in connection with the fund manager. 

The committee will collect bank statements of the fund and check the balance at the end of the accounting year. It will also check valid evidence of interest or profits from term deposits and other balances. 

Any illicit payment that benefited the fund manager and other parties will also be investigated by the committee.