Company: TOP
Filing Date: 2025-04-04
Form Type: CORRESP
Source: 0001213900-25-029015
Chunk: 1

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: CORRESP
Chunk 1
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 Form F-3/A.

Response: We note the Staff’s comment,
and in response hereto, respectfully provide the Staff that we do not plan to settle the intra-company loans owed between the company
and the subsidiaries. As of the date of this response, the outstanding balances totaled $22.53 million. We have revised the
disclosure on the cover page and page 10 in the Form F-3/A.

Response: We note the Staff’s comment, and
in response hereto, respectfully advise the Staff that we confirm there is no securities offered pursuant to General Instruction I.B.5.
during the prior 12 calendar month as of the date of this response and we have revised the disclosure on the cover page of the Form F-3/A.

| 4. | We                                                                                                                                    
 note your disclosure on the prospectus cover page and pages 7 and 13 that the Guangdong Wesley Law Firm, your counsel with respect to 
 PRC legal matters, has advised you that you “are currently required to obtain permissions from or complete any filing with the CSRC,  
 or required to go through cybersecurity review by the CAC.” Please supplementally confirm whether the phrase “are currently           
 required” contains a typographical error and should read “are not currently required.” In this regard, we note your subsequent        
 disclosures that you may be subject to repercussions if you “inadvertently conclude that certain regulatory permissions and approvals 
 are not required.” Please revise to clarify and/or reconcile your disclosures, as appropriate.                                        |

Response: We note the Staff’s comment, and
in response hereto, respectfully advise the Staff that we confirm the phrase “are currently required” contains a typographical
error and should read “are not currently required.” We have revised to reconcile our disclosures on the cover page, pages
7 and 13 of the Form F-3/A.

| 5. | In                                                                                                                                      
 the ninth paragraph of the prospectus cover page, please revise to include the correct page number in your Risk Factor cross reference. |

Response: We note the Staff’s comment, and
in response hereto, respectfully advise the Staff that we have revised to include the correct page number in our Risk Factor cross reference
on the cover page of the Form F-3/A.

| 6. | We refer to the paragraph on the prospectus cover page beginning with, “Should the                                     
 Chinese government choose to exercise significant oversight and discretion....” Please revise to address the following 
 points:                                                                                                                |

|