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<!--REG30 V1.0 (16-10-2025)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-08-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" 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-2025-08-31.xsd"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">CDSL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-14</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">CDSL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-14</xbrli:startDate><xbrli:endDate>2026-08-14</xbrli:endDate></xbrli:period></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:ScripCode contextRef="OneI">000000</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">Central Depository Services (India) Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">CDSL</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE736A01011</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="OneI">2026-08-13</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">11:44:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="OneI">2026-08-14</in-capmkt:DateOfReport><in-capmkt:NameOfAcquirer contextRef="OneI">Central Depository Services (India) Limited</in-capmkt:NameOfAcquirer><in-capmkt:RelationshipOfAcquirerWithTheListedEntity contextRef="OneD">Others</in-capmkt:RelationshipOfAcquirerWithTheListedEntity><in-capmkt:DetailsOfOtherRelationWithTheListedEntity contextRef="OneI">Others</in-capmkt:DetailsOfOtherRelationWithTheListedEntity><in-capmkt:NameOfTheTargetEntity contextRef="OneI">Open Network for Digital Commerce</in-capmkt:NameOfTheTargetEntity><in-capmkt:TurnoverOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-5">202900000</in-capmkt:TurnoverOfTargetEntity><in-capmkt:ProfitAfterTaxOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-6">-1523000000</in-capmkt:ProfitAfterTaxOfTargetEntity><in-capmkt:NetWorthOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-6">4251000000</in-capmkt:NetWorthOfTargetEntity><in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired contextRef="OneD">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired><in-capmkt:NatureOfInterestAndDetailsThereofForAcquisitionEvent contextRef="OneI">BSE Technologies Private Limited (i.e. Promoter Group) holds 6.46% stake in ONDC as on June 30, 2026.</in-capmkt:NatureOfInterestAndDetailsThereofForAcquisitionEvent><in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength><in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs contextRef="OneI">ONDC is engaged in creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services and to expand alternatives for both buyers and sellers to engage in the digital commerce space.</in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs><in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity contextRef="OneI">This Investment is in the nature of strategic investment made by CDSL. CDSL has decided to invest in this initiative as it is an India initiative.
Investment in ONDC is not directly related to or incidental to the activities carried out by CDSL as a Depository in India.</in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity><in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition contextRef="OneD">Yes</in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition><in-capmkt:ProvideBriefDetailsOfAnyGovernmentalOrRegulatoryApprovalsForTheAcquisition contextRef="OneI">Pursuant to Regulation 7 (c) of SEBI (Depositories and Participants) Regulations, 2018, approval of Securities and Exchange Board of India (SEBI) was sought.
SEBI vide its letter dated August 13, 2026, accorded its approval for the said investment.</in-capmkt:ProvideBriefDetailsOfAnyGovernmentalOrRegulatoryApprovalsForTheAcquisition><in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches contextRef="OneD">true</in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches><in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition contextRef="OneI">The remittance for subscription will be done in one or more tranches and the approval for the same has been granted by the Governing Board at its meeting held on June 25, 2026 and SEBI vide its letter dated August 13, 2026 for further investment of ₹5,00,00,000 in ONDC.</in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition><in-capmkt:NatureOfConsiderationForAcquisitionEvent contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForAcquisitionEvent><in-capmkt:AmountOfCashConsiderationForAcquisitionEvent contextRef="OneD" unitRef="INR" decimals="-7">50000000</in-capmkt:AmountOfCashConsiderationForAcquisitionEvent><in-capmkt:DetailsOfConsiderationForAcquisitionEvent contextRef="OneI">Investment of ₹5,00,00,000/- (Rupees Five Crore Only) by way of subscription of 5,00,000 equity shares of ₹100 each in one or more tranches.</in-capmkt:DetailsOfConsiderationForAcquisitionEvent><in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired contextRef="OneD" unitRef="INR" decimals="-7">50000000</in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired><in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer contextRef="OneI" unitRef="pure" decimals="INF">0.0185</in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer><in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired contextRef="OneI">Open Network for Digital Commerce (ONDC) is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry aiming at promoting open networks for all aspects of the exchange of goods and services over digital or electronic networks.
ONDC entity has been founded as an organisation to build public digital infrastructure for India. ONDC is backed by leading Institutions and Banks etc., details of which are provided in the Proposal Form.
The Government of India supported the establishment of the entity christened ONDC Ltd. with a mandate to develop an Open Network for Digital Commerce.
This is the first-of-its-kind initiative globally and will pave the way for democratising digital commerce in India so that all small retailers, businesses, traders, FPOs, SHGS, Karkhanas, MSMEs etc., as well as consumers from all parts of India, can participate in and benefit from eCommerce.
ONDC has been institutionalized as a private sector-led non-profit company, as such an entity is expected to provide a start-up mindset for a population scale implementation, enabled by a management with a futuristic vision, leadership with a deep understanding of commerce, comfort with cutting edge technology, and missionary outlook to drive change. Moreover, a non-profit company structure removes any incentive for owners to drive for profit maximization and keeps the focus on ethical and responsible behaviour while providing for trust, rigorous norms of governance, accountability and transparency.</in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired><in-capmkt:DateOfIncorporationForAcquisitionEvent contextRef="OneI">2021-12-30</in-capmkt:DateOfIncorporationForAcquisitionEvent><in-capmkt:CountryInWhichTheAcquiredEntityHasPresence contextRef="OneI">India</in-capmkt:CountryInWhichTheAcquiredEntityHasPresence></xbrli:xbrl>
