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<!--REG30PARAB V1.0 (01-06-2026)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-04-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Para_B_Of_Part_A_Of_Schedule_III/2026-04-30/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2026-04-30/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.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2026-04-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">540776</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-01</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AtTheTimeOfBecomingPartyToLitigationOrAssessmentOrAdjudicationOrArbitrationOrDispute"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">540776</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-01</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:AtTheTimeOfBecomingPartyToLitigationOrAssessmentOrAdjudicationOrArbitrationOrDisputeMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="I_OppositePartyAsPerSubPara8OfParaB1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">540776</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-01</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:OppositePartyAsPerSubPara8OfParaBAxis"><in-capmkt:OppositePartyAsPerSubPara8OfParaBDomain>OppositePartyAsPerSubPara8OfParaBDomain1</in-capmkt:OppositePartyAsPerSubPara8OfParaBDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">5PAISA</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">5paisa Capital Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">540776</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE618L01018</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Pendency of any litigation(s) or dispute(s) (Sub-para 8-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="I_AtTheTimeOfBecomingPartyToLitigationOrAssessmentOrAdjudicationOrArbitrationOrDispute">At the time of becoming the party to any litigation, assessment, adjudication, arbitration or dispute</in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-09-30</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">21:30:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-10-01</in-capmkt:DateOfReport><in-capmkt:NameOfOppositeParties contextRef="I_OppositePartyAsPerSubPara8OfParaB1">The Principal Commissioner of CGST &amp; C. Excise</in-capmkt:NameOfOppositeParties><in-capmkt:DateOfInitiationOfLitigation contextRef="I_OppositePartyAsPerSubPara8OfParaB1">2026-09-30</in-capmkt:DateOfInitiationOfLitigation><in-capmkt:NameOfAuthorityWhereLitigationIsFiled contextRef="I_OppositePartyAsPerSubPara8OfParaB1">Agency</in-capmkt:NameOfAuthorityWhereLitigationIsFiled><in-capmkt:DetailsOfAuthorityWhereLitigationIsFiled contextRef="I_OppositePartyAsPerSubPara8OfParaB1">The Principal Commissioner of CGST &amp; C. Excise</in-capmkt:DetailsOfAuthorityWhereLitigationIsFiled><in-capmkt:PartyToTheLitigation contextRef="I_OppositePartyAsPerSubPara8OfParaB1">Company</in-capmkt:PartyToTheLitigation><in-capmkt:DetailsOfPartyToTheLitigation contextRef="I_OppositePartyAsPerSubPara8OfParaB1">5paisa Capital Limited</in-capmkt:DetailsOfPartyToTheLitigation><in-capmkt:BriefDetailsOfLitigationOrDispute contextRef="I_OppositePartyAsPerSubPara8OfParaB1">A Show Cause Cum Demand Notice (SCDN No. 285/CGST/ME/ADC/5Paisa/2026-27) has been issued under Section 73(1) of the Central Goods and Services Tax Act, 2017 in relation to the alleged excess availment of Input Tax Credit (ITC) amounting to Rs. 2.04 crore, ineligible ITC amounting to Rs. 0.07 crore, and excess ITC availed/liable to be reversed amounting to Rs. 13.20 crore, proposing recovery of GST amount aggregating to Rs. 15.31 crore together with applicable interest and penalty under the provisions of the CGST Act, 2017.</in-capmkt:BriefDetailsOfLitigationOrDispute><in-capmkt:ExpectedFinancialImplicationsOfLitigation contextRef="I_OppositePartyAsPerSubPara8OfParaB1">The Company believes that SCDN has no merits, and the Company shall make its submissions before the Adjudicating Authority within the prescribed timelines. 

There is no impact on financial, operational, or other activities of 5paisa Capital Limited, arising from the said SCDN.</in-capmkt:ExpectedFinancialImplicationsOfLitigation><in-capmkt:QuantumOfClaimsInLitigation contextRef="I_OppositePartyAsPerSubPara8OfParaB1">The Company believes that SCDN has no merits, and the Company shall make its submissions before the Adjudicating Authority within the prescribed timelines. 

There is no impact on financial, operational, or other activities of 5paisa Capital Limited, arising from the said SCDN.</in-capmkt:QuantumOfClaimsInLitigation></xbrli:xbrl>
