Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 18

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 18
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3.3% and 0% of total revenues during the fiscal years ended March 31, 2025, 2024 and 2023, respectively.

For options trading, we have the capacity to offer
options trading services and they are available to our clients. However, there was no revenue generated from options trading services
for the relevant periods.

Trading gains (losses)

We began proprietary trading in US stocks since
March 2020, and trading in HK stocks since January 2021. The trading gains (losses) mainly consist of realized and unrealized gains and
losses from investment in US stocks, which are included in Securities owned, at fair value. Trading loss make up for negative 42.6% of
total revenues for the year ended March 31, 2025. Trading gains make up for 1.5% and 2.0% of total revenues for the year ended March 31,
2024 and 2023.

Interest income and others

During the year ended March 31, 2025, the interest
income was comprised of interest income of $0.3 million charged on our clients who traded US stocks, and interests earned on bank deposits.

During the year ended March 31, 2024, the interest
income was comprised of interest income of $0.1 million charged on loans made to a third party, interest income of $0.3 million charged
on our clients who traded US stocks, and interests earned on bank deposits.

During the year ended March 31, 2023, the interest
income was comprised of interest income of $0.2 million charged on loans made to a third party, interest income of $0.3 million charged
on our clients who traded US stocks, and interests earned on bank deposits.

Expenses

The following table sets forth our operating cost
and expenses, both in absolute amount and as a percentage of total revenues, for the years indicated:

                                          For the Years Ended March 31,                                                               
                                                                   2025                                                               
                                                                    US$                                                               
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Commission expenses                                         1,336,262       40.1      2,324,277      28.9      2,818,124      29.1  
  Compensation and benefits                                   1,746,767       52.5      1,361,327      16