Reinvestment in specified securities preserves capital gain exemption unless securities are transferred within a three year lock in period. The Central Board of Direct Taxes specifies certain equity shares and debentures or bonds issued by M/s Bharati Telenet Limited as eligible for reinvestment of net consideration from transfer of a long term capital asset under section 54EA, where the instruments must be issued within one year of the notification and investments must be made from the net consideration; if the allotted securities are transferred or converted within three years of allotment, the initial investment becomes chargeable to tax as Capital Gain.