The Bangladesh Securities and Exchange Commission (BSEC) has decided to conduct an inquiry into allegations of regulatory non-compliance against two mutual funds managed by Investasia Capital and Asset Management Ltd.

The stock market regulator issued the order yesterday, saying that a three-member committee will investigate whether the Investasia Growth Fund and Investasia Balanced Unit Fund contravened any rules related to mutual funds or trust deeds.

Sentinel Trustee and Custodial Services Limited is the trustee of the two mutual funds.

The committee will also report if there was any unlawful investment from these mutual funds in any securities, and if there were unlawful activities of key management personnel of the asset manager during their tenure.

It also will report if there is any contraventions of rules and regulations by the asset manager, trustee, custodian or any other concerned party of these mutual funds.

Besides, the committee also ascertain if the asset manager's independent external auditors and custodian adequately fulfilled their roles.

The investigation committee has been asked to submit its report within the next 60 days.