Approved investments: primary issue shares of public companies qualify for capital gains exemption, subject to Board application procedures. Shares issued in a primary public issue are treated as approved investments for capital gains exemption under sections 54EA and 54EB; the procedural and utilisation guidelines applicable to bonds and debentures apply equally to such shares, including the application procedure to the Board and the prescribed manner of using the investible capital, and 'public company' is to be read as per the Companies Act definition.