Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 122

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 122
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 US stocks were
under custodian of the Company, and the related parties shall fully paid the balance to the Company before they sold these stocks. For
the years ended March 31, 2025 and 2024, the Company provided expected credit loss of $ niland $159,401against the receivables due from
Mr. Yang because the fair value of the stocks were below the receivables due from Mr. Yang.

F-30

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

14.
Regulatory Requirements

The
following table illustrates the minimum regulatory capital as established by the Hong Kong Securities and Futures Commission that the
Company’s subsidiaries were required to maintain as of March 31, 2025 and 2024, and the actual amounts of capital that were maintained.

Capital
requirements as of March 31, 2025

                                          Minimum         Capital      Excess Net            
                                       Regulatory          Levels         Capital            
                                          Capital      Maintained                            
                                     Requirements                                            
 ─────────────────────────────────────────────────────────────────────────────────────────────
  Zhong Yang Securities Limited          $385,609      $7,319,000      $6,933,391      1898  
  Zhong Yang Capital Limited              385,609         684,500        $298,891       178  
  Total                                  $771,218      $8,003,500      $7,232,282      1038  

Capital
requirements as of March 31, 2024

                                 Minimum         Capital          Excess           
                              Regulatory          Levels             Net           
                                 Capital      Maintained         Capital           
                            Requirements                                           
 ───────────────────────────────────────────────────────────────────────────────────
  Zhong Yang                    $383,342      $1,273,900        $890,558      332  
  Zhong                          383,342         636,850         253,508      166  
  Total                         $766,684      $1,910,750      $1,144,066      249  

15.
Subsequent Events

On
July 9, 2025, the Company and ZYNL (BVI) Limited (“ ZYNL”), a subsidiary of the Company, entered into a Share Purchase Agreement
(the “ Agreement”) with Zhong Yang Financial Services Limited (the “ Target”) and the sole