Now, cancelled shares worth thousands of rupees

It is not necessary to own shares actively trading in market to reap rich premiums -- even the cancelled share certificates of companies that closed shop long ago are in demand with prices running into thousands for their historical value.

Hundreds of such share certificates are currently on sale over the internet, including that of Imperial Bank of India, the oldest and largest commercial bank of the Indian subcontinent that later became the State Bank of India in 1955.

Issued in 1953, the certificate for 10 shares of the Imperial Bank of India, is available for Rs 400 at eBay India, the local website of the world's largest online auction giant.

Share certificates for Bank of Bengal, which was set up in 1809 and is now a part of the SBI, is also available on internet for price ranging from Rs 750-2,500 per certificate.

One over 100-years old certificate, issued in 1878, is being sold for Rs 750 on eBay India, while another 85-year old certificate is available for $39.95 (about Rs 1,600) on scripophily.net, another website dedicated for sales and purchase of historical shares and bond documents.

The art of collecting cancelled or historical financial documents like share and bond certificates is 'Scripophily' and the person who collects them is a Scripophilist.

The English word 'scrip' means an ownership right and the Greek word 'philos' means 'to love'. This hobby has now found a place on internet with e-commerce websites like eBay and Scripophily providing a platform for bringing together people sharing this interest.

On eBay India, another certificate for Bank of Bengal shares worth Rs 4,000 is currently available for Rs 2,500.