The five-man government team will investigate whether the Nasim Plastics factory in Mirpur had a proper operating licence, fire equipment and statutory safety features.
The panel will submit its report in three days, The Daily Star reported.
The fire at the five-storey plastic goods manufacturing factory yesterday was brought under control in around two hours.
Police said the fire started when the the gas cylinder exploded at the factory.
At least 64 workers were inside the building when the fire broke out.
Bangladesh is prone to fires as the country's factories lack safety standards and fire-fighting tools.
In November 2012, at least 111 workers were killed when a blaze devastated a nine-storey garment factory outside Dhaka.
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