Mutual fund giant

Fidelity Investments

has fired two employees and disciplined 14 others for violating company policy on accepting gifts.

The action comes in response to a major investigation by securities regulators over allegations that some mutual fund employees took gifts from brokerages as an inducement to direct trades to those brokers. The

Securities and Exchange Commission

and the NASD are conducting the sweeping inquiry, which also focuses on allegations that some mutual fund employees were invited to broker-sponsored golf outings.

Fidelity said it took the disciplinary action after conducting an internal review in response the regulatory probe. The fund company said it did not find any evidence that the employee violations resulted in any financial losses to Fidelity shareholders.

"Nonetheless, we have strengthened our policies and procedures within the investment arm of Fidelity to protect further against any such wrongful behavior in the future," Fidelity said in a statement.

Fidelity didn't identify any of the employees who were disciplined.