The Trust has received about 13,000 fresh applications, most of which are from retail investors seeking an entry into US-64 despite all the uncertainty that has shrouded the scheme and the Trust. The stunning feature is that in the same period last year the Trust had received 10,000 applications. UTI officials on Wednesday were confident that they were correct when they said that there was nothing unusual in the spate of redemption in the first week. "This always happens in the first week.

Despite the negative publicity we have managed to get Rs 60 crore worth of freshsales and these are mainly from retail clients", said a top UTI official.

Meanwhile, UTI has decided to provide figures of the total repurchases and sales on a weekly basis. Speaking to The Financial Express, UTI executive director, Basudeb Sen said: "Owing to the recent turbulence we had started giving figures on a daily basis. We now feel that these figures can be given on a weekly basis and feel that there is no need to disclose daily figures of the sales and repurchase position. The revelation of figures on a daily basis was a temporary phenomenon", said Sen.

Sen said that till October 14, UTI had not received application from Bombay Dyeing for repurchase in US-64. Bombay Dyeing has an investment of Rs 346 crore in US-64. "Whenever a major corporation come for repurchase we try to find out whether it is due to the panic or due to authentic needs of the company for cash. And if it is due to panic then we explain to them that there is no need for panic in US-64", said Sen.

In another development thechairman of UTI, PS Subramanyam made a public statement about the health of its flagship scheme US-64. Subramanyam has said that UTI will continue to distribute income (dividend) and also follow the time tested sales and repurchase pricing policy which will be strongly governed by the interest of its unitholders. Explaining the predicament of US-64 on June 30, Subramanyam states that: "There was a sudden fall in the stock price index by 21.5 per cent between May 5 and June 30 due to several adverse conditions. Consequently, there was a notional depreciation in the value of US-64 investment of the order of Rs 3,566 crore on June 30 while there was no depreciation on May 5". "The board of trustees in concurrence with its auditors decided that this notional loss in the value of US-64 should be charged to the reserves account US-64 which resulted in a notional negative balance of Rs 1,098.49 crore. This is hardly 5 per cent of the corpus", says the message to UTI's investor. The message further says that majorinstitutional and corporate investors have reaffirmed the continuation of their investment in US-64. There is no cause for major repurchases from the scheme.