<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-05-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Notice_Of_Shareholders_Meeting/2024-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Notice_Of_Shareholders_Meeting/2024-05-31/in-capmkt-roles" 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-2024-05-31.xsd" xlink:type="simple"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-10</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="D_DetailofRPT1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-10</xbrli:startDate><xbrli:endDate>2026-04-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain1</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_DetailofResolution1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-10</xbrli:startDate><xbrli:endDate>2026-04-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain1</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_DetailofResolution1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain1</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_DetailofResolution2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-10</xbrli:startDate><xbrli:endDate>2026-04-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain2</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_DetailofResolution2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain2</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_DetailofResolution3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-10</xbrli:startDate><xbrli:endDate>2026-04-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain3</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_DetailofResolution3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain3</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_DetailofResolution4"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-10</xbrli:startDate><xbrli:endDate>2026-04-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain4</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_DetailofResolution4"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain4</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></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><in-capmkt:NameOfTheCompany contextRef="MainI">Max Financial Services Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">MFSL</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-04-10</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainI">12:47:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:EventForNoticeOfShareholdersMeeting contextRef="MainI">Postal Ballot</in-capmkt:EventForNoticeOfShareholdersMeeting><in-capmkt:ModeOfShareholdersMeeting contextRef="MainI">Postal Ballot</in-capmkt:ModeOfShareholdersMeeting><in-capmkt:NumberOfShareholdersMeeting contextRef="MainI">MFSL/PB/2025-26/003</in-capmkt:NumberOfShareholdersMeeting><in-capmkt:DayOfShareholdersMeeting contextRef="MainI">Saturday</in-capmkt:DayOfShareholdersMeeting><in-capmkt:DateOfShareholdersMeeting contextRef="MainI">2026-04-11</in-capmkt:DateOfShareholdersMeeting><in-capmkt:ShareholdersMeetingCommencementTime contextRef="MainI">09:00:00</in-capmkt:ShareholdersMeetingCommencementTime><in-capmkt:PlaceOfShareholdersMeeting contextRef="MainI">Noida</in-capmkt:PlaceOfShareholdersMeeting><in-capmkt:EndDateOfPostalBallotVoting contextRef="MainI">2026-05-10</in-capmkt:EndDateOfPostalBallotVoting><in-capmkt:NumberOfAgendaOrBusinessToBeTransacted contextRef="MainI" decimals="0" unitRef="pure">4</in-capmkt:NumberOfAgendaOrBusinessToBeTransacted><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_DetailofRPT1">Axis Max Life Insurance Limited, a material subsidiary of the Company</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_DetailofRPT1">Axis Bank Limited</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_DetailofRPT1">Related party of material subsidiary</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_DetailofRPT1">Any other transaction</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:DetailsOfOtherRelatedPartyTransaction contextRef="D_DetailofRPT1">Issuane of equity shares of Axis Max Life Insurance Limited, a material subsidiary of the Company to Axis Bank Limited</in-capmkt:DetailsOfOtherRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_DetailofRPT1" decimals="0" unitRef="INR">3890000000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:DateOfStartOfTenure contextRef="D_DetailofRPT1">2026-04-02</in-capmkt:DateOfStartOfTenure><in-capmkt:DateOfEndOfTenure contextRef="D_DetailofRPT1">2026-05-25</in-capmkt:DateOfEndOfTenure><in-capmkt:TypeOfResolution contextRef="I_DetailofResolution1">Ordinary Resolution</in-capmkt:TypeOfResolution><in-capmkt:CategoryOfResolution contextRef="I_DetailofResolution1">Others</in-capmkt:CategoryOfResolution><in-capmkt:SubCategoryOfResolution contextRef="I_DetailofResolution1">Alteration in MoA/AoA</in-capmkt:SubCategoryOfResolution><in-capmkt:BriefDetailsOfResolution contextRef="D_DetailofResolution1">Increase in the Authorised Share Capital and consequential amendment to the Memorandum of Association of the Company</in-capmkt:BriefDetailsOfResolution><in-capmkt:TypeOfResolution contextRef="I_DetailofResolution2">Special Resolution</in-capmkt:TypeOfResolution><in-capmkt:CategoryOfResolution contextRef="I_DetailofResolution2">Others</in-capmkt:CategoryOfResolution><in-capmkt:SubCategoryOfResolution contextRef="I_DetailofResolution2">Others</in-capmkt:SubCategoryOfResolution><in-capmkt:DetailsOfOtherSubCategoryOfResolution contextRef="D_DetailofResolution2">raising of funds in one or more tranches by issuance of equity shares and/or other eligible securities</in-capmkt:DetailsOfOtherSubCategoryOfResolution><in-capmkt:BriefDetailsOfResolution contextRef="D_DetailofResolution2">To consider and, if thought fit, to pass, the following resolution as a Special Resolution to approve the raising of funds in one or more tranches by issuance of equity shares and/or other eligible securities</in-capmkt:BriefDetailsOfResolution><in-capmkt:TypeOfResolution contextRef="I_DetailofResolution3">Special Resolution</in-capmkt:TypeOfResolution><in-capmkt:CategoryOfResolution contextRef="I_DetailofResolution3">Others</in-capmkt:CategoryOfResolution><in-capmkt:SubCategoryOfResolution contextRef="I_DetailofResolution3">Others</in-capmkt:SubCategoryOfResolution><in-capmkt:DetailsOfOtherSubCategoryOfResolution contextRef="D_DetailofResolution3">partial modification of resolution</in-capmkt:DetailsOfOtherSubCategoryOfResolution><in-capmkt:BriefDetailsOfResolution contextRef="D_DetailofResolution3">To consider and if thought fit, to pass, the following Resolution as a Special Resolution for the partial modification of resolution earlier passed on September 27, 2023 pertaining to the terms and conditions of the arrangements with Axis Bank and its subsidiaries with respect to Axis Max Life Insurance Limited</in-capmkt:BriefDetailsOfResolution><in-capmkt:TypeOfResolution contextRef="I_DetailofResolution4">Ordinary Resolution</in-capmkt:TypeOfResolution><in-capmkt:CategoryOfResolution contextRef="I_DetailofResolution4">Related Party Transaction</in-capmkt:CategoryOfResolution><in-capmkt:BriefDetailsOfResolution contextRef="D_DetailofResolution4">To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution regarding the material related party transactions between Axis Max Life Insurance Limited (“AMLI”), a material subsidiary of the Company and its related party, viz., Axis Bank Limited for subscription of equity shares of AMLI by Axis Bank Limited, on a preferential allotment basis aggregating up to INR 389,00,00,000 (Rupees Three Hundred Eight Nine Crores)</in-capmkt:BriefDetailsOfResolution></xbrli:xbrl>