Company: TOP
Filing Date: 2025-03-14
Form Type: POS AM
Source: 0001213900-25-024160
Chunk: 76

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: POS AM
Chunk 76
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& Riegels. Ortoli Rosenstadt LLP may rely uponHarney Westwood & Riegels with respect to matters governed by Cayman Islands law.

If legal matters in connection with offerings made pursuant to this prospectus are passed upon by counsel to underwriters, dealers, or agents, such counsel will be named in the applicable prospectus supplement relating to any such offering.

<div align='center'>EXPERTS</div>

The consolidated financial statements for
the years ended March 31, 2024, 2023 and 2022, incorporated by reference in this prospectus have been so included in reliance on the
report of YCM CPA INC., an independent registered public accounting firm, given their authority as experts in accounting and auditing.
The office of YCM CPA INC. is located at 4482 Barranca Pkwy, Ste 239, Irvine, CA 92604.

<div align='center'>INTERESTS OF EXPERTS AND COUNSEL</div>

No named expert of or counselor to us was employed
on a contingent basis, or owns an amount of our shares (or those of our subsidiaries) which is material to that person, or has a material,
direct or indirect economic interest in us or that depends on the success of the offering.

<div align='center'>34

ENFORCEABILITY OF CIVIL LIABILITIES</div>

TFGL was incorporated under the laws of the Cayman
Islands as an exempted company with limited liability because of certain benefits associated with being a Cayman Islands entity, such
as political and economic stability, an effective judicial system, a favorable tax system, the absence of exchange control or currency
restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities
laws as compared to the United States and provides protections for investors to a lesser extent. In addition, Cayman Islands companies
may not have standing to sue before the federal courts of the United States.

Substantially all of our assets are located
in Hong Kong. In addition, two of our seven directors and officers, Anthony S. Chan and Mei Cai, are nationals and/or residents of the
United States. The other five of our directors and officers, Junli Yang, Mau Chung Ng, Ka Fai Yuen, Yung Yung Lo, and Jennifer Hoi Ling
Tam, are nationals and/or residents of Hong Kong, and all or a substantial portion of such persons’ assets are