Hi Uday,
There is no restriction between SRM-MDM catalog and SRM_SERVER.
However the version of SRM-MDM catalog should be matching with MDM catalog.
Please refer to the following link:
https://wiki.wdf.sap.corp/wiki/display/PSupportSRM/SRM-MDM+Versions+%28SRM-MDM+Catalog+7.02%29
Best regards,
Ivy