While Master Index has mobilised close to Rs 135 crore, Master Value is a close second with a collection of Rs 125 crore. Both the schemes are slated to close on June 30. UTI had set a minimum subscription target of Rs 50 crore in each of the funds. ``The response is expected to pick up further as the date of issue closure approaches,'' said another UTI official. ``The index fund has received response from big ticket investors, especially banks and corporates since the fall in markets has led toattractive valuations. They feel its the right time to enter the market,'' he added.

Given the slide in equity markets and corresponding dip in NAVs, the timing of launch was not perceived to be ripe for the launch of the two funds. Sources at financial intermediaries, handling the two issues, pointed out that retail response was lukewarm. ``The retail response has been extremely poor in the case of Master Value Fund since this segment was the worst hit by companies listed in the B category,'' said a source at one of the intermediaries marketing the issues.

``Retail response is not very encouraging as small investors are scared with the fall in market but going by the contrarian approach, timing is just right to pick up stocks at attractive prices,'' a UTI official pointed out. With equity markets in limbo, UTI has also given a fillip to marketing of the two funds. The emphasis on marketing is also a direct fallout of the poor response to its previous equity schemes in the last two years. ``An `A'marketing team is touring the country, meeting agents, brokers and also asking institutions and banks to route their investments through UTI,'' said a marketing official. While the index fund - the first in the country - will invest in scrips comprising the Sensex, Master Value will invest in stocks in the B group of the BSE.