PCB director of international cricket operations Zakir Khan is heading the committee.
Shehzad was caught on camera telling Dilshan "if you are a non-Muslim and you turn Muslim, no matter whatever you do in your life, straight to heaven."
Dilshan's reply was not audible, and Shehzad went on to say, "Then be ready for the fire."
The conversation took place Saturday after Sri Lanka won the match by seven wickets and both players were walking back to the dressing room.
Pakistan team manager Moin Khan said Thursday that there was no official complaint against Shehzad by Sri Lanka Cricket and match officials.