If Finvasia fails to give satisfactory explanation, I am going to raise official complaint in SEBI Scores website.
Though the penalty is not huge, I also would not mind paying them some monthly charges. But it was charged where it should not have been.
In future similarly, they can charge any arbitrary amount saying peak margin charge. I also asked them to give me margin report, when the snapshot was taken. They also failed to do so. So as a client, we have to rely on whatever shortfall amount they claim.