The Securities and Exchange Commision has announced the formulation of a special blue-ribbon panel to investigate options trading and regulation.

According to SEC chairman Harold Williams, the study will have "high priority," and has been initiated because of SEC concern for "the present ability of the self-regulatory organizations' surveillance systems to detect and prevent fraudulent, deceptive and manipulative activity."

The commission first announced plans for a study last month after it said it had discovered serious abuses in the field of options trading raising questions about the ability of the SEC and self-regulatory organizations to regulate options markets.

Martin I. Budd. currently executive director of the National Market Advisory Board, has been named to head the new panel.

Other staff named to the study include Martin Moskowitz, assistant director. Division of Market Regulation; Lee B. Spencer, Jr., chief counsel. Division of Investment Management; Kenneth S. Spirer, a senior special counsel in the Division of Market Regulation; Van P. Carter, special projects counsel. Office of the General Counsel; Thomas Loughran, branch chief. Division of Enforcement and Richard Morrisey, special counsel. Directorate of Economic and Policy Research.

The stockholders of Manor Care Inc., a national health care organization, have elected Joseph W. Barr and Allen W. Mathis Jr. to its board of directors.

Barr is a former Secretary of the Treasury and has also served as chief executive officer for the American Securities and Trust Co. in Washington. He was elected to the 86th Congress from Indiana's 11th district in 1950. Barr is now a partner in the J&J Co., 3 M Co., and Burlington Industries.

Mathis currently chairs the boards of Hudson Thompson Co., Inc. Montgomery, Ala, and Shade Foods Inc., Belmont, Calif. Between 1966 and 1971 he served as president and chief executive officer of the Presidents Association of the American Management Association.

Arnold M. Picker has been elected to the board of directors of The Washington Star. Picker, whose career in the motion picture industry spans 40 years, was in charge of worldwide associations for United Artists until his retirement in 1971 and was a were president of Trans-America Corp from 1968 to 1972. He is a founding trustee of the American Film Institute and chairmen of its executive committee.

In a reorganization of its retail banking division, the board of directors of American Security Bank has promoted William Couper, Robert A. Nioholis and John W. Stefani to vice presidents and regional business managers.

Couper joined the bank in 1972, serving most recently as manager of the main office. Nichells has managed several branches including the O St. and DuPont Circle offices. Stefani joined the bank in 1964 and was previously manager of operations for the consumer credit department.

H. Wayne Warner has been elected president of Printing Industry of Metropolitan Washington, Inc., which represents 160 printing and related plants in the Washington area. Warner is president of Judd and Detweiler, Inc. and previously served as vice president of the association.

Glenn Freeman has been appointed to head the Washington and Baltimore branches of Datacorp. Portland, Ore., the nation's largest computer output microfilm service. Freeman has been with Datacorp for four years.

The newest member of the Arlington-Fairfax Savings and Loan Association's board of directors is James A. Riddle Jr. Riddle is the senior partner of Lamber, Riddle and Horrigan Insurance Agency.

Milton S. Kronheim Co. Inc. a Washington area liquor distributor, recently announced the election of a new member to its board of directors and two new assistant vice presidents.

Irving S. Falk, vice president and general sales manager of Kronheim, was elected to the board of directors. Robert Becker, divisional sales manager, and Al Demao, currently sales supervisor of the restaurant, hotel and bar division, will become assistant vice presidents.

Business Writers Associates, a newly-formed business writing and public relations firm in Washington, has named Don A. Grigg to head the company. Grigg is a former special PR representative for the Southern Railway System.