Long-term specified securities designation under section 54EB permits reinvestment of net consideration subject to a seven-year retention rule. Central Board of Direct Taxes designates equity shares issued by M/s ASC Enterprises Limited as long-term specified securities under section 54EB, permitting assessees to reinvest net consideration from transfer of a long-term capital asset into those shares to obtain section 54EB tax treatment; if the shares or related investments are transferred or converted within seven years of allotment, the initial investment becomes chargeable to tax as capital gains under that section.