Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 16

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 16
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              -        0.0  
  Interest income from loan business                                    832,724       25.0        236,556        2.9              -        0.0  
  Other service revenues                                                231,356        6.9        278,883        3.5        294,083        3.0  
  Trading gains (losses)                                             (1,419,741      (42.6        121,964        1.5        193,926        2.0  
  Interest income and others                                            903,264       27.1      1,159,143       14.4        499,111        5.1  
  Total revenues                                                      3,329,256      100.0      8,037,105      100.0      9,695,402      100.0  

Futures brokerage commissions

Futures brokerage commissions represent commission
income on futures broking that are charged at a fixed rate for each transaction our customers executed through our online trading platforms,
all of which are under the consolidated accounts where the customer information is not disclosed to the third-party brokers. We receive
commissions from customers and pay the execution and clearing fees to our clearing brokers. The fixed rates applied to the customers vary
depending on the type of customer, the type of transaction, the trading method, and the trade volume from the particular customer. Commissions
from futures broking make up for most of our revenues, at 55.0%, 42.2% and 44.6% of the total revenues for the years ended March 31, 2025,
2024 and 2023, respectively.

Trading solution services fees

Commencing in the year of 2021, we provided trading
solution services to customers (including individuals, proprietary trading companies or brokerage companies) for their trading on derivatives,
equity, CFD and financial products, through our internally developed proprietary investment management software. We provide a variety
of functions suitable for front-end transaction executions and back-office settlement operations. We charge each customer a fixed amount
of initial installation fee and the monthly service fee based on a fixed rate per transaction executed on the platform with a minimum
monthly fee. Trading solution services fees accounted for 24.2%, 34.0% and 45.3%, respectively, of total revenues during the year ended
March 31, 202