Long-term specified securities designation allows specified reinvestment for capital-gains relief, subject to a three-year clawback and source restriction. Central Board of Direct Taxes designates certain equity and preference shares and bonds and debentures as long-term specified securities for purposes of reinvestment relief under Section 54EA, authorising a named company to issue specified instruments within one year up to a stated limit. Investment must be made out of net consideration from transfer of a long-term capital asset and if the allotted securities are transferred or converted into money within three years, the initial investment is chargeable to tax as Capital Gains.