If i am holding a mutual fund scheme and a scrip in the scheme declares dividend, do i receive that dividend?
The dividends are credited to the asset management company. If you have opted for dividend reinvestment option then dividends will be used to reinvest buy more NAV units in the fund, else you will receive the dividend amount.
I personally prefer the dividend reinvestment option
You will get the dividend on the ex-date, i.e. when the dividend goes into effect - that day, money will be credited to your account and the fund NAV will reduce by exactly the amount of the dividend. Declaration announcements usually happen before the ex-date. If you wish to learn more about MF dividends, I recently wrote an article on Everything you need to know about MF Dividends& Dividend Plans . It has relevant & recent info from May 2019.
Hope this helps, happy investing!