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

Chowdhury Nafeez Sarafat, a former chairman of Padma Bank, and his family members own the asset management company.

According to the findings of a primary investigation by the Criminal Investigation Department (CID) released at the start of this month, Sarafat manipulated the stock prices of many companies,

The stock market regulator formed a three-member committee yesterday, led by Mohammad Amdadul Hoque, additional director of the BSEC.

It was tasked with examining whether the "Alternative Investment Fund of Bangladesh" of SEML complied with the investment parameters of alternative investment rules.

The committee was asked to submit its report within 60 days.

It will also examine valid evidence against all investments relating to the fund and whether any conflict of interests arose through investments in connection with the fund manager.

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

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