No it can't. The 530 can read HR data from any device that broadcasts HR via ANT+ or Bluetooth. The Vantage M doesn't do that so you cannot use it as a HR source with the 530.
Heart rate broadcasting is coming to the Polar Vantage V2 and M2 in a software update soon but I don't think they're planning on updating the Vantage M1 with this feature.