<?xml version="1.0" encoding="UTF-8"?>
<xbrli:xbrl xmlns:in-bse-fin="http://www.bseindia.com/xbrl/fin/2020-03-31/in-bse-fin" xmlns:in-bse-fin-roles="http://www.bseindia.com/xbrl/fin/2020-03-31/in-bse-fin-roles" xmlns:in-bse-fin-ent="http://www.bseindia.com/xbrl/fin/2020-03-31/in-bse-fin/in-bse-fin-ent" xmlns:in-bse-fin-type="http://www.bseindia.com/xbrl/fin/2020-03-31/in-bse-fin-types" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink">
<link:schemaRef xlink:type="simple" xlink:href="in-bse-fin-2020-03-31.xsd"/>
<xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/NSESymbol">ARIHANTCAP</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2024-04-01</xbrli:startDate><xbrli:endDate>2024-06-30</xbrli:endDate></xbrli:period></xbrli:context>
<xbrli:context id="OneOperatingExpenses01D"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/NSESymbol">ARIHANTCAP</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2024-04-01</xbrli:startDate><xbrli:endDate>2024-06-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-bse-fin:DetailsOfOtherExpensesAxis">in-bse-fin:OneOperatingExpenses01Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context>
<xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/NSESymbol">ARIHANTCAP</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-06-30</xbrli:instant></xbrli:period></xbrli:context>
<xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><xbrli:unit id="INRPerShare"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit>
<in-bse-fin:ScripCode contextRef="OneD">511605</in-bse-fin:ScripCode>
<in-bse-fin:Symbol contextRef="OneD">ARIHANTCAP</in-bse-fin:Symbol>
<in-bse-fin:MSEISymbol contextRef="OneD">NOTLISTED</in-bse-fin:MSEISymbol>
<in-bse-fin:NameOfTheCompany contextRef="OneD">Arihant Capital Markets Limited</in-bse-fin:NameOfTheCompany>
<in-bse-fin:ClassOfSecurity contextRef="OneD">Equity</in-bse-fin:ClassOfSecurity>
<in-bse-fin:DateOfStartOfFinancialYear contextRef="OneD">2024-04-01</in-bse-fin:DateOfStartOfFinancialYear>
<in-bse-fin:DateOfEndOfFinancialYear contextRef="OneD">2025-03-31</in-bse-fin:DateOfEndOfFinancialYear>
<in-bse-fin:DateOfBoardMeetingWhenFinancialResultsWereApproved contextRef="OneD">2024-07-20</in-bse-fin:DateOfBoardMeetingWhenFinancialResultsWereApproved>
<in-bse-fin:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2024-07-12</in-bse-fin:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange>
<in-bse-fin:DescriptionOfPresentationCurrency contextRef="OneD">INR</in-bse-fin:DescriptionOfPresentationCurrency>
<in-bse-fin:LevelOfRoundingUsedInFinancialStatements contextRef="OneD">Lakhs</in-bse-fin:LevelOfRoundingUsedInFinancialStatements>
<in-bse-fin:ReportingQuarter contextRef="OneD">First quarter</in-bse-fin:ReportingQuarter>
<in-bse-fin:DateOfStartOfBoardMeeting contextRef="OneD">2024-07-20</in-bse-fin:DateOfStartOfBoardMeeting>
<in-bse-fin:StartTimeOfBoardMeeting contextRef="OneD">11:30:00</in-bse-fin:StartTimeOfBoardMeeting>
<in-bse-fin:DateOfEndOfBoardMeeting contextRef="OneD">2024-07-20</in-bse-fin:DateOfEndOfBoardMeeting>
<in-bse-fin:EndTimeOfBoardMeeting contextRef="OneD">14:55:00</in-bse-fin:EndTimeOfBoardMeeting>
<in-bse-fin:WhetherCashFlowStatementIsApplicableOnCompany contextRef="OneD">false</in-bse-fin:WhetherCashFlowStatementIsApplicableOnCompany>
<in-bse-fin:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification contextRef="OneD">Not applicable</in-bse-fin:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification>
<in-bse-fin:IsCompanyReportingMultisegmentOrSingleSegment contextRef="OneD">Single segment</in-bse-fin:IsCompanyReportingMultisegmentOrSingleSegment>
<in-bse-fin:DescriptionOfSingleSegment contextRef="OneD">Stock Broking</in-bse-fin:DescriptionOfSingleSegment>
<in-bse-fin:DateOfStartOfReportingPeriod contextRef="OneD">2024-04-01</in-bse-fin:DateOfStartOfReportingPeriod>
<in-bse-fin:DateOfEndOfReportingPeriod contextRef="OneD">2024-06-30</in-bse-fin:DateOfEndOfReportingPeriod>
<in-bse-fin:WhetherResultsAreAuditedOrUnaudited contextRef="OneD">Unaudited</in-bse-fin:WhetherResultsAreAuditedOrUnaudited>
<in-bse-fin:NatureOfReportStandaloneConsolidated contextRef="OneD">Standalone</in-bse-fin:NatureOfReportStandaloneConsolidated>
<in-bse-fin:InterestEarned contextRef="OneD" unitRef="INR" decimals="-5">199596000.00</in-bse-fin:InterestEarned>
<in-bse-fin:DividendIncome contextRef="OneD" unitRef="INR" decimals="-5">285000.00</in-bse-fin:DividendIncome>
<in-bse-fin:RentalIncome contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:RentalIncome>
<in-bse-fin:FeesAndCommissionIncome contextRef="OneD" unitRef="INR" decimals="-5">411418000.00</in-bse-fin:FeesAndCommissionIncome>
<in-bse-fin:NetGainOnFairValueChanges contextRef="OneD" unitRef="INR" decimals="-5">102102000.00</in-bse-fin:NetGainOnFairValueChanges>
<in-bse-fin:NetGainOnDerecognitionOfFinancialInstrumentsUnderAmortisedCostCategory contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:NetGainOnDerecognitionOfFinancialInstrumentsUnderAmortisedCostCategory>
<in-bse-fin:RevenueFromSaleOfProduct contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:RevenueFromSaleOfProduct>
<in-bse-fin:RevenueFromSaleOfServices contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:RevenueFromSaleOfServices>
<in-bse-fin:RevenueFromOperations contextRef="OneD" unitRef="INR" decimals="-5">713401000.00</in-bse-fin:RevenueFromOperations>
<in-bse-fin:OtherIncome contextRef="OneD" unitRef="INR" decimals="-5">284000.00</in-bse-fin:OtherIncome>
<in-bse-fin:Income contextRef="OneD" unitRef="INR" decimals="-5">713685000.00</in-bse-fin:Income>
<in-bse-fin:CostOfMaterialsConsumed contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:CostOfMaterialsConsumed>
<in-bse-fin:PurchasesOfStockInTrade contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:PurchasesOfStockInTrade>
<in-bse-fin:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade>
<in-bse-fin:EmployeeBenefitExpense contextRef="OneD" unitRef="INR" decimals="-5">97331000.00</in-bse-fin:EmployeeBenefitExpense>
<in-bse-fin:FinanceCosts contextRef="OneD" unitRef="INR" decimals="-5">50261000.00</in-bse-fin:FinanceCosts>
<in-bse-fin:DepreciationDepletionAndAmortisationExpense contextRef="OneD" unitRef="INR" decimals="-5">6706000.00</in-bse-fin:DepreciationDepletionAndAmortisationExpense>
<in-bse-fin:FeesAndCommissionExpense contextRef="OneD" unitRef="INR" decimals="-5">239120000.00</in-bse-fin:FeesAndCommissionExpense>
<in-bse-fin:NetLossOnFairValueChanges contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:NetLossOnFairValueChanges>
<in-bse-fin:NetLossOnDerecognitionOfFinancialInstrumentsUnderAmortisedCostCategory contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:NetLossOnDerecognitionOfFinancialInstrumentsUnderAmortisedCostCategory>
<in-bse-fin:ImpairmentOnFinancialInstruments contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ImpairmentOnFinancialInstruments>
<in-bse-fin:OtherExpenses contextRef="OneD" unitRef="INR" decimals="-5">88957000.00</in-bse-fin:OtherExpenses>
<in-bse-fin:Expenses contextRef="OneD" unitRef="INR" decimals="-5">482375000.00</in-bse-fin:Expenses>
<in-bse-fin:ProfitBeforeExceptionalItemsAndTax contextRef="OneD" unitRef="INR" decimals="-5">231310000.00</in-bse-fin:ProfitBeforeExceptionalItemsAndTax>
<in-bse-fin:ExceptionalItemsBeforeTax contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ExceptionalItemsBeforeTax>
<in-bse-fin:ProfitBeforeTax contextRef="OneD" unitRef="INR" decimals="-5">231310000.00</in-bse-fin:ProfitBeforeTax>
<in-bse-fin:CurrentTax contextRef="OneD" unitRef="INR" decimals="-5">58876000.00</in-bse-fin:CurrentTax>
<in-bse-fin:DeferredTax contextRef="OneD" unitRef="INR" decimals="-5">1668000.00</in-bse-fin:DeferredTax>
<in-bse-fin:TaxExpense contextRef="OneD" unitRef="INR" decimals="-5">60544000.00</in-bse-fin:TaxExpense>
<in-bse-fin:ProfitLossForPeriodFromContinuingOperations contextRef="OneD" unitRef="INR" decimals="-5">170766000.00</in-bse-fin:ProfitLossForPeriodFromContinuingOperations>
<in-bse-fin:ProfitLossFromDiscontinuedOperationsBeforeTax contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ProfitLossFromDiscontinuedOperationsBeforeTax>
<in-bse-fin:TaxExpenseOfDiscontinuedOperations contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:TaxExpenseOfDiscontinuedOperations>
<in-bse-fin:ProfitLossFromDiscontinuedOperationsAfterTax contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ProfitLossFromDiscontinuedOperationsAfterTax>
<in-bse-fin:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
<in-bse-fin:ProfitLossForPeriod contextRef="OneD" unitRef="INR" decimals="-5">170766000.00</in-bse-fin:ProfitLossForPeriod>
<in-bse-fin:OtherComprehensiveIncomeNetOfTaxes contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:OtherComprehensiveIncomeNetOfTaxes>
<in-bse-fin:ComprehensiveIncomeForThePeriod contextRef="OneD" unitRef="INR" decimals="-5">170766000.00</in-bse-fin:ComprehensiveIncomeForThePeriod>
<in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent>
<in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests>
<in-bse-fin:PaidUpValueOfEquityShareCapital contextRef="OneD" unitRef="INR" decimals="-5">104113000.00</in-bse-fin:PaidUpValueOfEquityShareCapital>
<in-bse-fin:FaceValueOfEquityShareCapital contextRef="OneD" unitRef="INRPerShare" decimals="INF">1</in-bse-fin:FaceValueOfEquityShareCapital>
<in-bse-fin:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">1.64</in-bse-fin:BasicEarningsLossPerShareFromContinuingOperations>
<in-bse-fin:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">1.64</in-bse-fin:DilutedEarningsLossPerShareFromContinuingOperations>
<in-bse-fin:BasicEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">0.00</in-bse-fin:BasicEarningsLossPerShareFromDiscontinuedOperations>
<in-bse-fin:DilutedEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">0.00</in-bse-fin:DilutedEarningsLossPerShareFromDiscontinuedOperations>
<in-bse-fin:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">1.64</in-bse-fin:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations>
<in-bse-fin:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">1.64</in-bse-fin:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations>
<in-bse-fin:DebtEquityRatio contextRef="OneD" unitRef="pure" decimals="INF">0.00</in-bse-fin:DebtEquityRatio>
<in-bse-fin:DebtServiceCoverageRatio contextRef="OneD" unitRef="pure" decimals="INF">0.00</in-bse-fin:DebtServiceCoverageRatio>
<in-bse-fin:InterestServiceCoverageRatio contextRef="OneD" unitRef="pure" decimals="INF">0.00</in-bse-fin:InterestServiceCoverageRatio>
<in-bse-fin:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1. The above Unaudited Standalone Financial Results of the Company for the Quarter Ended on June 30, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors in the Meeting held on July 20, 2024. The Statutory Auditors have conducted Limited Review of these results in terms of Regulation 33 of the Securities Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015.      2. The figures for the quarter ended March 31, 2024 represents the balance between audited financial in respect of the full financial year and those published till the third quarter of the respective financial years.       3.Previous period / year figures have been regrouped / reclassified, wherever found necessary, to conform to current period / year classification.      4. During the quarter ended June 30, 2024, the Board approved the divestment of its 100% equity stake in its wholly owned subsidiary, Arihant Insurance Broking Services Limited through an agreement dated June 21, 2024, is for a total consideration of USD 400,000, plus the value of any cash available with the business. This transaction is subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI). This investment does not constitute a major component of the company and, therefore, is not classified as discontinued operations.</in-bse-fin:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock>
<in-bse-fin:DescriptionOfOtherExpenses contextRef="OneOperatingExpenses01D">Administrative and other expenditure</in-bse-fin:DescriptionOfOtherExpenses>
<in-bse-fin:OtherExpenses contextRef="OneOperatingExpenses01D" unitRef="INR" decimals="-5">88957000.00</in-bse-fin:OtherExpenses>
<in-bse-fin:FinanicalAssets contextRef="OneI" unitRef="INR" decimals="-5">0.00</in-bse-fin:FinanicalAssets>
<in-bse-fin:NonFinancialAssets contextRef="OneI" unitRef="INR" decimals="-5">0.00</in-bse-fin:NonFinancialAssets>
<in-bse-fin:FinancialLiabilities contextRef="OneI" unitRef="INR" decimals="-5">0.00</in-bse-fin:FinancialLiabilities>
<in-bse-fin:NonFinancialLiabilities contextRef="OneI" unitRef="INR" decimals="-5">0.00</in-bse-fin:NonFinancialLiabilities>
<in-bse-fin:IncomeTaxRelatingToItmesThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:IncomeTaxRelatingToItmesThatWillNotBeReclassifiedToProfitOrLoss>
<in-bse-fin:IncomeTaxRelatingToItmesThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:IncomeTaxRelatingToItmesThatWillBeReclassifiedToProfitOrLoss>
<in-bse-fin:OtherComprehensiveIncome contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:OtherComprehensiveIncome>
</xbrli:xbrl>