Specified long-term securities: investment in identified equity shares qualifies for section 54EA but subject to three-year retention rule. Central Board of Direct Taxes designates equity shares of M/s D.C. Power Ltd. as long-term specified securities under section 54EA, applicable to shares issued within one year and subject to an aggregate issue limit. Investment must be made from the net consideration of a transfer of a long-term capital asset. If the assessee transfers or converts the allotted shares into money or otherwise disposes of them within three years from allotment, the initial investment shall be chargeable to tax as capital gains under the said section.