The bowler was reported by on-field umpires Kumar Dharamsena and C Shamshuddin, along with third umpire Anil Chaudhary, after the conclusion of the match yesterday.
"Under the CLT20 Suspected Illegal bowling action policy, Rasool may request an official assessment from the BCCI suspect bowling action committee," the CLTO orgainsers said in a statement.
"Rasool has been placed on the warning list and may continue to be selected to play and bowl for his team in a match," it added.
A player suspended from bowling may continue to be selected to play in matches, however he will not be entitled to bowl.