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 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(h) of the Investment Company Act of 1940

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(Print or Type Responses)

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 (Month/Day/Year) 08/02/2010 (Street) SALT LAKE CITY, UT 84111 4. If Amendment, Date Original Filed(Month/Day/Year) 08/10/2010 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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 08/02/2010   A V 437,950 (1) A $ 0 (1) 469,617 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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 (Month/Day/Year)

7. Title and Amount of Underlying Securities (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

08/01/2005

07/31/2015

Common

100,000

100,000

D

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

/s/ Alexey Kotov		08/13/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	On August 2, 2010 Mr. Kotov was appointed President and Chief Executive Officer of the Issuer. In connection with his appointment Mr. Kotov entered into a new employment agreement with the Issuer that provides he be issued, on an annual basis, restricted stock representing 0.85% of the Issuer's total shares issued and outstanding for the duration of the term of his employment agreement with the Issuer. The shares issued to Mr. Kotov shall vest equally over a period of three years beginning on the first anniversary date of the grant. On August 2, 2010 the Issuer had 51,523,542 common shares issued and outstanding, accordingly, Mr. Kotov will be issued 437,950 shares of common stock. The shares reported in this Form 4 reflect his initial restricted stock grant under the employment agreement. In addition to the shares disclosed above, the Mr. Kotov also owns 31,667 shares.
Remarks: The purpose of this amendment is to correct an error in the number of shares acquired as disclosed in the original Form 4 filed by Mr. Kotov on August 10, 2010.  As a result of an inadvertent clerical error the number of shares acquired was overstated by 3,230 shares.

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