Nope! You can't opt for two scholarship of central or state government at the same time. You can only be a beneficiary of one scholarship. If you do so then you can be penalize and may be blacklisted from the scholarship scheme for the further years. So if you are eligible for the SVMCM opt only for it because it has better regulatory amount and the scholarship is quite regular in this scheme.

I hope this answer helps. All the very best for your future endeavors!