<?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/2022-12-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2022-12-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2022-12-31/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-2022-12-31.xsd" xlink:type="simple"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">523405</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-08-10</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">523405</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-08-10</xbrli:startDate><xbrli:endDate>2025-08-10</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_UnitOrDivisionOrSubsidiary1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">523405</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-08-10</xbrli:startDate><xbrli:endDate>2025-08-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnitOrDivisionOrSubsidiaryAxis"><in-capmkt:UnitOrDivisionOrSubsidiaryDomain>UnitOrDivisionOrSubsidiaryDomain1</in-capmkt:UnitOrDivisionOrSubsidiaryDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_UnitOrDivisionOrSubsidiary1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">523405</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-08-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnitOrDivisionOrSubsidiaryAxis"><in-capmkt:UnitOrDivisionOrSubsidiaryDomain>UnitOrDivisionOrSubsidiaryDomain1</in-capmkt:UnitOrDivisionOrSubsidiaryDomain></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="OneI">JM FINANCIAL LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">JMFINANCIL</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Sale or disposal of unit(s)/division(s)/subsidiary</in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2025-08-09</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfReport contextRef="OneI">2025-08-10</in-capmkt:DateOfReport><in-capmkt:DetailsOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_UnitOrDivisionOrSubsidiary1">JM Financial Home Loans 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unitRef="INR">0</in-capmkt:PreviousYearRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0</in-capmkt:PreviousYearPercentageOfRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0.0827</in-capmkt:PreviousYearPercentageOfIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0.0824</in-capmkt:PreviousYearPercentageOfNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto contextRef="OneI">2025-08-09</in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto><in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal contextRef="OneI">2025-08-31</in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal><in-capmkt:NatureOfConsiderationForSaleOrDisposal contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForSaleOrDisposal><in-capmkt:BriefDetailsOfBuyers contextRef="OneI">The proposed shares are being acquired by Bajaj Allianz Life Insurance Company Limited (Bajaj Allianz). Bajaj Allianz, is one of India's leading private life insurers, formed as a joint venture between Bajaj Finserv Limited and Allianz SE.
</in-capmkt:BriefDetailsOfBuyers><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingSaleOrDisposed contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingSaleOrDisposed><in-capmkt:WhetherSaleOrDisposalWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherSaleOrDisposalWouldFallWithinRelatedPartyTransactions><in-capmkt:DateOfAuditCommitteeMeetingInWhichRPTApprovalTakenForSaleOrDisposal contextRef="OneI">2025-08-09</in-capmkt:DateOfAuditCommitteeMeetingInWhichRPTApprovalTakenForSaleOrDisposal><in-capmkt:WhetherSaleOrDisposalEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherSaleOrDisposalEventRPTIsMaterial><in-capmkt:WhetherSaleOrDisposalEventIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherSaleOrDisposalEventIsDoneAtArmsLength><in-capmkt:DateOfSpecialResolutionForSaleOrDisposalEvent contextRef="OneI">2025-08-09</in-capmkt:DateOfSpecialResolutionForSaleOrDisposalEvent><in-capmkt:AnyOtherBriefSignificantInformationForSaleOrDisposal contextRef="OneI">Note 1: Under the column "Income” and “Net worth”, the number of shares entered are the shares intended to be sold by JM Financial Credit Solutions Limited held in JM Financial Home Loans Limited (JMFHLL). However, under the column “Percentage”, we have mentioned the % contributed by JMFHLL to the consolidated income and net worth of the Company.
Note 2: Under the heading "Date of audit committee meeting in which RPT approval taken", please note that the aforesaid transaction does not fall under the ambit of Related Party transactions and consequently does not require approval of audit committee of the Company. We have  also selected ‘No’ under the heading ‘Whether the transaction would fall within Related Party Transactions?’ However, since the field being mandatory, we have mentioned the date of execution of agreement.
Note 3: Under the heading "Whether the same is done at arm’s length’, please note that the since aforesaid transaction does not fall under the ambit of Related Party transactions, the question of arm’s length does not arise. However, since the field being mandatory, we have selected ‘Yes’.

Note 4: Under the heading "Date of Special Resolution"- please note that the aforesaid transaction does not fall under the ambit of Related Party transactions and consequently does not require approval of audit committee of the Company. We have  also selected ‘No’ under the heading ‘Whether the transaction would fall within Related Party Transactions?’ However, since the field being mandatory, we have mentioned the date of execution of agreement.</in-capmkt:AnyOtherBriefSignificantInformationForSaleOrDisposal></xbrli:xbrl>