Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 51

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 7
Chunk 51
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Item
7. Major Shareholders and Related Party Transactions

7. A. Major Shareholders

Please refer
to “ Item 6. Directors, Senior Management and Employees - 6. E. Share Ownership.”

7. B. Related Party Transactions

Terms of Directors
and Officers

See “ Item 6. Directors,
Senior Management and Employees - 6. C. Board Practices - Terms of Directors and Officers.”

Employment Agreements
and Indemnification Agreements

See “ Item 6. Directors,
Senior Management and Employees - 6. B. Compensation - Employment Agreements and Indemnification Agreements.”

Other Related Party
Transactions

Before
September 2022, we leased premises were leased from Zhong Yang Holdings Limited (the Predecessor Parent Company), which is owned by the
same group of shareholders as Zhong Yang Holdings (BVI) Limited. Zhong Yang Holdings Limited has proper authorization from the titleholder
to sublease the property. During the fiscal years ended March 31, 2025, 2024 and 2023, we paid rental expenses to the Predecessor Parent
Company in the amount of $nil, $nil and $54,510, respectively.

During the year ended March 31, 2025, 2024 and
2023, we generated interest income in the amount of $169,549, $179,217 and $96,801, respectively, from margin financing services, brokerage services, and handling services provided
to Mr. Huaixi Yang, an immediate family member of Ms. Junli Yang, the Chairwoman of the Board.

In addition, during the fiscal year ended March
31, 2021, we generated gross commission income in the amount of $19,959 for futures brokerage services provided to Sunx Global Limited,
95% owned by the Predecessor Parent Company. The brokerage commission rate charged to Sunx Global Limited is consistent with the standard
brokerage commission rate charged to other customers. We are of the opinion that the brokerage services fees received from, and the services
provide to, Sunx Global Limited are made in the ordinary course of business and the terms of service were negotiated at arm’s length.

On August 11, 2022, WIN100 TECH entered into a
license agreement with Ms. Junli Yang, the Chairwoman of the Board of the Company, to document a non-exclusive, non-sublicensable, and
non-transferable license granted by