Hi Ravindran,
Have your sets of master data fields in different subforms and all of them as "hidden exclude from layout" at the time of design.
Now on click event of your check box field, set the required subform's presence as visible and rest as hidden (need to set rest as hidden to catter toggling between checkboxes).
now follow the below link, using the approach you can set a field as mandatory at run time.
May be there might be other approaches but this is the crude approach but simple.
http://help.adobe.com/en_US/livecycle/9.0/designerHelp/index.htm?content=000840.html
Cheers,
Sai