<?xml version="1.0" encoding="UTF-8"?>
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2022-03-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2022-03-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt-types" 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-capmkt-ent-2022-03-31.xsd"/>

<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-capmkt:NSESymbol contextRef="OneI">TRF</in-capmkt:NSESymbol>
<in-capmkt:ISIN contextRef="OneI">INE391D01019</in-capmkt:ISIN>
<in-capmkt:TypeOfIntimation contextRef="OneD">New</in-capmkt:TypeOfIntimation>
<in-capmkt:DateOfProposedMeeting contextRef="OneD">2023-10-27</in-capmkt:DateOfProposedMeeting>
<in-capmkt:WhetherTradingWindowIsClosed contextRef="OneD">true</in-capmkt:WhetherTradingWindowIsClosed>
<in-capmkt:StartDateOfTradingWindow contextRef="OneD">2023-09-24</in-capmkt:StartDateOfTradingWindow>
<in-capmkt:EndDateOfTradingWindow contextRef="OneD">2023-10-29</in-capmkt:EndDateOfTradingWindow>
<in-capmkt:Agenda1 contextRef="OneD">Other business</in-capmkt:Agenda1>
<in-capmkt:RemarksWebsiteDissemination contextRef="OneI">This has reference to our letter dated October 18, 2023 intimating that a meeting of the Board of Directors of TRF Limited (‘the Company’) is scheduled on Friday, October 27, 2023, inter alia, to consider and take on record the financial results of the Company for quarter and half-year ended September 30, 2023.</in-capmkt:RemarksWebsiteDissemination>
</xbrli:xbrl>