Company: TOP
Filing Date: 2025-04-30
Form Type: POS AM
Source: 0001213900-25-037641
Chunk: 85

Company: TOP Financial Group Ltd
Filing Date: 2025-04-30
Form: POS AM
Chunk 85
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 (h) | If any provision or arrangement exists whereby the Registrant may indemnify                                                              
 a director, officer or controlling person of the registrant against liabilities arising under the Securities Act, or the underwriting    
 agreement contains a provision whereby the Registrant indemnifies the underwriter or controlling persons of the underwriter against      
 such liabilities and a director, officer or controlling person of the registrant is such an underwriter or controlling person thereof    
 or a member of any firm which is such an underwriter, and the benefits of such indemnification are not waived by such persons, insofar   
 as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling      
 persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion        
 of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.    
 In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred    
 or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)      
 is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will,     
 unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction 
 the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed 
 by the final adjudication of such issue.                                                                                                 |

| (i) | Not applicable.                                                                             |
| (j) | The undersigned registrant hereby undertakes                                                
 to file an application for the purpose of determining the eligibility of the trustee to act 
 under subsection (a) of section 310 of the Trust Indenture Act (“Act”) in accordance        
 with the rules and regulations prescribed by the Commission under section 305(b)(2) of the  
 Act.                                                                                        |
| (k) | Not applicable.                                                                             |

<div align='center'>II-3

SIGNATURES</div>

Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, there