is there anything wrong with my circuit?
Not so far but it will depend on your software. When you write the multiplexing make sure that 2803 is the one that you put only one zero on at a time and put the data for that row on the top 595. This is the inverse of normal multiplexing. It is needed because the 2803 can sink enough current for 8 LEDs but the 595 can only source enough current for one LED.