3453915 - SAP system can't be started from SAP MMC due to DIR_INSTANCE setting

SAP system can't be started from SAP MMC. 

From work process trace, we see "No such file or directory" error, and it failed to initialize SHM. 

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M  *** ERROR => SecAudit(check_daily_file): cannot open Audit file. No such file or directory [rsauwr1.c    1153]
M  ***LOG AV4=> \\[hostname]\<path>\[SID]\DVEBMGS01\log\20240325.AUD& [rsauwr1.c    1154]
M  SsfSapSecin: automatic application server initialization for SAPSECULIB
N  SsfSapSecin: Looking for PSE in database
N  SsfSapSecin: Could not create directory \\[hostname]\<path>\[SID]\DVEBMGS01\sec: No such file or directory!
N  *** ERROR => SsfSapSecin: Could not create ticket for SAPCRYPTOLIB! [ssfxxpse.c   1343]
N  SsfPseLoad: started...(path=\\[hostname]\<path>\[SID]\DVEBMGS01\sec, AS=[hostname], instanceid=01)
N  SsfPseLoad: Downloading file \\[hostname]\<path>\[SID]\DVEBMGS01\sec\SAPSYS.pse (client:    , key: SYSPSE, len: 2763)
N  SsfPseLoadFile: Couldn't open file \\[hostname]\<path>\[SID]\DVEBMGS01\sec\SAPSYS.pse: No such file or directory
N  SsfPseLoad: Downloading file \\[hostname]\<path>\[SID]\DVEBMGS01\sec\SAP_AGS_OLCNT_VERIFY.pse (client:    , key: 161604, len: 3276)
N  SsfPseLoadFile: Couldn't open file \\[hostname]\<path>\[SID]\DVEBMGS01\sec\SAP_AGS_OLCNT_VERIFY.pse: No such file or directory
N  SsfPseLoad: ended (0 of 2 sucessfully loaded, 2 checked...
N  MskiCreateLogonTicketCache: Logon Ticket cache created in shared memory.
N  MskiCreateLogonTicketCache: Logon Ticket cache pointer registered in shared memory.
N  SignInitOnce: Security Session Management cannot be used (ABAP parts are missing, note 1477428)
M  *** ERROR => TrIInitFileindex: opendir failed: errno=2 (No such file or directory) [trfile.c     8847]
M  *** ERROR => TrIInitShm: TrIInitFileindex failed: rc=8 (open Error), multiple files not supported [trfile.c     8767]
M  *** ERROR => TrICreateShm: failed to initialize SHM [trfile.c     8718]
M  *** ERROR => TrInit: failed to create SHM [trfile.c     681]
I  MPI: dynamic quotas disabled.
I  MPI init: pipes=4000 buffers=1279 reserved=383 quota=10% 

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The work process can't be started due to this issue. 
As a result, SAP system can't be started. 

System start; start system; fail; SAP MMC; No such file or directory; DIR_INSTANCE; Could not create directory; TrIInitFileindex; opendir failed.  , KBA , BC-CST-STS , Startup Service , Problem