Long-term securities designation: equity shares permitted as reinvestment from long-term capital gains, with transfer restriction and recapture on early conversion. The Central Board of Direct Taxes designates specified equity shares as long-term specified securities, permitting issuance by a named public company within a specified allotment period subject to a capped issuance amount and a non-transferability condition for a defined holding period. Investment must be made from net consideration of a long-term capital asset transfer; if the assessee disposes of or converts the allotted shares into money within the holding period, the initial investment is chargeable to tax as capital gains under the relevant statutory provisions.