FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Kotov Alexey 		2. Issuer Name and Ticker or Trading Symbol

CASPIAN SERVICES INC [ CSSV ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
CEO and President
(Last)          (First)          (Middle)

257 EAST 200 SOUTH, SUITE 490 		3. Date of Earliest Transaction (MM/DD/YYYY)

1/5/2012
(Street)

SALT LAKE CITY, UT 84111
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   1/5/2012     A    443817   (1) A $ 0   (1) 913434   (2) D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Options   $3                    8/1/2005   7/31/2015   Common   100000     100000   D    

Explanation of Responses:
( 1)  Pursuant to the terms of Mr. Kotov's employment agreement with the Issuer, on August 2, 2011 (the anniversary of the effective date of his employment agreement), he became entitled to receive a restricted stock grant of 443,817 shares (which is the amount equal to 0.85% of the total number of issued and outstanding shares of the Issuer on August 2, 2011.) These shares were issued to Mr. Kotov on January 5, 2012. The shares will vest equally over a period of three years beginning on August 2, 2012, except upon the occurrence of certain events as set forth in his employment agreement which would result in immediate vesting, such as a change in control of the Issuer.
( 2)  Of these shares, 177,650 shares had vested to Mr. Kotov as of the date of this Form 4. Except upon the occurrence of certain events as set forth in his employment agreement which would result in immediate vesting, such as a change in control of the Issuer, the remaining 735,784 shares shall vest as follows: on August 2, 2012 - 293,922 shares; on August 2, 2013 - 293,923 shares; and on August 2, 2014 - 147,939 shares.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Kotov Alexey
257 EAST 200 SOUTH, SUITE 490
SALT LAKE CITY, UT 84111 		X
CEO and President

Signatures
Alexey Kotov 1/9/2012
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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