As far I know, there is no such special merit based scholarship. Though there is some scholarships under state or central government, but these doesn't require u to be a top ranker bud. Anyone can apply with the marksheet who pass that year.
Actual it hardly matters if u r top rank holder or not. If u pass in professional exam, u r just as the same with rest people of class. Forget about special respect and opportunities which a 1st ranker used to get in school.
Mohd Hassan, MBBS Medical Students & Learning, IQ City Medical College & NH Hospital