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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">530393</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-21</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">530393</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-21</xbrli:startDate><xbrli:endDate>2026-10-21</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="I_ClosureOfOperationsOfAnyUnitOrDivisionOrSubsidiary"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">530393</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-21</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:ClosureOfOperationsOfAnyUnitOrDivisionOrSubsidiaryMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">DBSTOCKBRO</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">DB (INTERNATIONAL) Stock Brokers Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">530393</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE921B01025</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Arrangement/Adoption of new line/Closure of operations (Sub-para 2-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="I_ClosureOfOperationsOfAnyUnitOrDivisionOrSubsidiary">Closure of operations of any unit, division or subsidiary (in entirety or in piecemeal)</in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="MainI">2026-10-21</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfTheMeeting contextRef="MainI">15:30:00</in-capmkt:StartTimeOfTheMeeting><in-capmkt:EndTimeOfTheMeeting contextRef="MainI">16:11:00</in-capmkt:EndTimeOfTheMeeting><in-capmkt:DateOfReport contextRef="MainI">2026-10-21</in-capmkt:DateOfReport><in-capmkt:DateOfBindingAgreementEnteredForSaleOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainI">2026-10-21</in-capmkt:DateOfBindingAgreementEnteredForSaleOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:DetailsOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainI">Transfer of the Company's major retail business, excluding the HNI business (Branch 1001), including its trading and depository participant businesses, to Choice Equity Broking Private Limited, and the transfer of its mutual fund and other financial businesses to Choice Wealth Private Limited, subject to the receipt of requisite approvals from the shareholders of the Company and the relevant regulatory authorities</in-capmkt:DetailsOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainD" unitRef="INR" decimals="0">83398689</in-capmkt:PreviousYearTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainD" unitRef="pure" decimals="INF">0.3048</in-capmkt:PreviousYearPercentageOfTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainD" unitRef="INR" decimals="0">0</in-capmkt:PreviousYearNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainD" unitRef="pure" decimals="INF">0</in-capmkt:PreviousYearPercentageOfNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:DateOfClosureOfOperations contextRef="MainI">2027-02-28</in-capmkt:DateOfClosureOfOperations><in-capmkt:ReasonForClosureOfOperations contextRef="MainI">The Company has decided to strategically realign its business operations with a primary focus on proprietary trading and algorithmic trading in derivatives, catering to High-Net-Worth Individuals (HNIs) clients (Branch 1001). The Company also intends to strengthen and expand its presence in the institutional business segment as part of its long-term business strategy.</in-capmkt:ReasonForClosureOfOperations></xbrli:xbrl>
