Hello,
Yes, you can apply for KVPY SB. No, you need not study all four subjects.
This stream is for students enrolled in the 1st year of an Undergraduate program in the current academic year.

• They should have secured a minimum of 60% (50% for SC/ST/PWD) marks in aggregate in SCIENCE subjects (Physics/Chemistry/Biology/Mathematics) in the 12th Standard Board Examination.
• They must secure 60% (50% for SC/ST/PWD) marks in the 1st year final examination of B.Sc./B.S./B.Math./B.Stat./Int. M.Sc./M.S before taking up the fellowship, if awarded.

Follow this link for more
http://kvpy.iisc.ernet.in/main/faq.htm
Good luck

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