Hi @Ramit Sharma ,
It is not possible to disable purge protection. This is by-design since purge is irreversible and otherwise someone could delete your key vault without the option to recover.
If you enabled purge protection when creating the Managed HSM you will have to wait until the retention period has expired. If purge protection is enabled, it can't be disabled or overridden by anyone, including Microsoft. So you must wait for the retention period to end.
I would recommend raising a free Azure Billing support case to discuss the unused HSM services to ask about the fee and potential exclusion if your case is valid, but I cannot promise any outcome from this. https://azure.microsoft.com/en-ca/support/create-ticket/
https://learn.microsoft.com/en-us/azure/key-vault/managed-hsm/recovery?tabs=azure-cli
If the information helped you, please Accept the answer. This will help us as well as others in the community who may be researching similar questions.