<?xml version="1.0" encoding="UTF-8"?>
<!--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">543988</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-02</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_StageOfTheLitigationIsConcludedOrDisputeIsResolved"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543988</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-02</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:StageOfTheLitigationIsConcludedOrDisputeIsResolvedMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ChangeInStatus"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543988</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-02</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:StageOfTheLitigationIsConcludedOrDisputeIsResolvedAsPerSubPara8OfParaBAxis">in-capmkt:ChangeInStatusMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">NUVAMA</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Nuvama Wealth Management Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">543988</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE531F01023</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_StageOfTheLitigationIsConcludedOrDisputeIsResolved">Regularly till the litigation is concluded or dispute is resolved</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">2026-09-02</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">16:41:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-09-02</in-capmkt:DateOfReport><in-capmkt:StageOfDisclosureOfLitigationOrDispute contextRef="I_ChangeInStatus">Change in status</in-capmkt:StageOfDisclosureOfLitigationOrDispute><in-capmkt:DetailsOfLitigationOrDisputeForWhichDisclosureIsBeingMade contextRef="I_ChangeInStatus">Anugrah matter and Vrise matter</in-capmkt:DetailsOfLitigationOrDisputeForWhichDisclosureIsBeingMade><in-capmkt:DateOfOriginalLitigationDisclosure contextRef="I_ChangeInStatus">2023-12-16</in-capmkt:DateOfOriginalLitigationDisclosure><in-capmkt:DetailsOfChangeInLitigationStatus contextRef="I_ChangeInStatus">The Hon'ble Supreme Court of India, vide its judgment dated September 2, 2026, has allowed the appeals filed by NCSL in relation to the Anugrah and Vrise matters and has set aside the impugned orders of the Member and Core Settlement Guarantee Fund Committee and the Securities Appellate Tribunal. Consequently, the directions issued against NCSL under the aforesaid orders stand set aside.</in-capmkt:DetailsOfChangeInLitigationStatus><in-capmkt:LitigationAgainstParty contextRef="I_ChangeInStatus">Others</in-capmkt:LitigationAgainstParty><in-capmkt:DetailsOfOtherLitigationAgainstParty contextRef="I_ChangeInStatus">NSE Clearing Limited (NCL) and National Stock Exchange of India Ltd. (NSE)</in-capmkt:DetailsOfOtherLitigationAgainstParty></xbrli:xbrl>
