Company: TOP
Filing Date: 2025-03-14
Form Type: POS AM
Source: 0001213900-25-024160
Chunk: 56

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: POS AM
Chunk 56
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 will not assume any obligation or relationship of agency or trust with any holder of any warrant.
A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no duty or responsibility
in case of any default by us under the applicable warrant agreement or warrant, including any duty or responsibility to initiate any
proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent of the related warrant
agent or the holder of any other warrant, enforce by appropriate legal action its right to exercise, and receive the securities purchasable
upon exercise of, its warrants.

Warrant Agreement Will Not Be Qualified Under Trust Indenture Act

No warrant agreement will be qualified as an
indenture, and no warrant agent will be required to qualify as a trustee, under the Trust Indenture Act. Therefore, holders of warrants
issued under a warrant agreement will not have the protection of the Trust Indenture Act with respect to their warrants.

Modification of the Warrant Agreement

The warrant agreements may permit us and the
warrant agent, if any, without the consent of the warrant holders, to supplement or amend the agreement in the following circumstances:

| ● | to cure any ambiguity; |

| ● | to correct or supplement any provision which may be defective or inconsistent 
 with any other provisions; or                                                 |

| ● | to add new provisions regarding matters or questions that we and the                                                  
 warrant agent may deem necessary or desirable and which do not adversely affect the interests of the warrant holders. |

<div align='center'>22

DESCRIPTION OF DEBT SECURITIES</div>

As used in this prospectus, debt securities mean
the debentures, notes, bonds and other evidences of indebtedness, which may or may not be converted into our Class A ordinary shares,
that we may issue from time to time. The debt securities may be either secured or unsecured and will either be senior debt securities
or subordinated debt securities. The debt securities may be issued under one or more separate indentures between us and a trustee to
be specified in an accompanying prospectus supplement. Senior debt securities will be issued under a new senior indenture. Subordinated
debt securities will be issued under a subordinated indenture. Together, the senior indentures and the subordinated indentures are sometimes
referred to in this prospectus as the indentures. This prospectus, together with the applicable prospectus supplement