<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--ICGIG--><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2024-12-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/IntegratedGovernance/2024-12-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/IntegratedGovernance/2024-12-31/in-capmkt-roles" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2024-12-31/in-capmkt-types" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2024-12-31.xsd" xlink:type="simple"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">PHOGLOBAL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-06-30</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">PHOGLOBAL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-06-30</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="PY_I"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">PHOGLOBAL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-03-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AcquisitionShares1"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">PHOGLOBAL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-06-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain1</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_AcquisitionShares1"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">PHOGLOBAL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-06-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain1</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AcquisitionShares_PY1"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">PHOGLOBAL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-03-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain1</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:ScripCode contextRef="MainI">000000</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="MainI">PHOGLOBAL</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE0FPO01018</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="MainI">PHOENIX OVERSEAS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:DateOfStartOfFinancialYear contextRef="MainI">2025-04-01</in-capmkt:DateOfStartOfFinancialYear><in-capmkt:DateOfEndOfFinancialYear contextRef="MainI">2026-03-31</in-capmkt:DateOfEndOfFinancialYear><in-capmkt:ReportingQuarter contextRef="MainI">Quarterly</in-capmkt:ReportingQuarter><in-capmkt:DateOfEndOfReportingPeriod contextRef="MainI">2025-06-30</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:TypeOfCompany contextRef="MainD">SME</in-capmkt:TypeOfCompany><in-capmkt:WhetherPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsApplicableToTheEntity><in-capmkt:ReasonForPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsNotApplicableToTheEntity contextRef="MainD">With reference to the captioned subject-matter, this is to inform you that as per regulation 15(2)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the compliance with the Corporate Governance provisions as specified in Regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and clause (b) to (i) and (t) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V shall not apply in respect of listed entity which has listed its specified securities on the SME Exchange.
Phoenix Overseas Limited fulfils the criteria for non-applicability as outlined in Regulation 15(2)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, given that its specified securities are listed on the National Stock Exchange of India Limited (SME Emerge Platform).
In adherence to the exemption granted under Regulation 15(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company is not required to submit quarterly compliance report on corporate governance for the quarter ended 30th June, 2025 as mentioned in Regulation 27(2) of the SEBI (Listing Obligations and Disclosure Requirements), 2015.
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