New Delhi, May 20 (PTI) Markets regulator Sebi will consider penal action against Punjab National Bank and Gitanjali Gems after completion of its probe into suspected trading and disclosure related issues in the matter of over Rs 14,000 crore banking fraud, senior officials said. The markets watchdog last week issued a warning letter to PNB for delaying disclosures to stock exchanges about the fraudulent transactions allegedly carried out by absconding Nirav Modi and Gitanjali Group of companies. However, the probe is continuing and the penal action would depend on the final outcome of the investigation, the officials added.