Ownership Submission
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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
BAISEITOV BAKHYTBEK R
   2. Issuer Name and Ticker or Trading Symbol
CASPIAN SERVICES INC [CSSV] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
291/21 DOSTYK AVE		 3. Date of Earliest Transaction (Month/Day/Year)
09/30/2011
(Street)

ALMATY, 1P 050020		 4. If Amendment, Date Original Filed(Month/Day/Year)
 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 09/30/2011   J   90,000,000 (1) A $ 0.12 90,000,000 (1) D  
Common 09/30/2011   J   244,457,700 (1) A $ 0.1 334,457,700 (2) D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

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

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BAISEITOV BAKHYTBEK R
291/21 DOSTYK AVE
ALMATY, 1P 050020		     X    

Signatures

 /s/ Bakhytbek Baiseitov   10/04/2011
**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 September 30, 2011, the Reporting Person and the Issuer closed a Loan Consolidation and Restructuring Agreement, as amended (the "Agreement") to consolidate and restructure certain convertible debts of the Issuer held by the Reporting Person. Pursuant to the terms of the Agreement, the Issuer issued to the Reporting Person a Secured Non-Negotiable Note (the "Non-Negotiable Note") in the rincipal amount of $10,800,000 as of September 30, 2011 and a Secured Convertible Consolidated Promissory Note (the "Promissory Note") in the principal amount of $24,445,770 as of September 30, 2011. The Reporting Person does not currently own any shares of Common Stock of the Issuer, rather, such beneficial ownership is through the Non-Negotiable Note, which shall be repaid in Common Stock of the Issuer and the Promissory Note, which is convertible to Common Stock of the Issuer. (Footnote 1 is continued below under "Remarks").
(2) Assumes the repayment of the full amount of the Non-Negotiable Note in Common Stock of the Issuer and conversion of the full amount owing under the Promissory Note as of September 30, 2011.
 
Remarks:
(Continued from Footnote 1 above).

The Reporting Person may, at any time within three years of September 30, 2011, demand repayment of the Non-Negotiable Note through the issuance of shares of Common Stock of the Issuer, at a price of $0.12 per share.  The Issuer also has the right to repay the Non-Negotiable Note at certain times.  The number of shares of Common Stock issuable upon repayment of the Non-Negotiable Note was determined as of September 30, 2011 and assumes the full amount of the outstanding balance of the Non-Negotiable Note would be repaid.  The number of shares of Common Stock issuable pursuant to this Non-Negotiable Note will increase over time as interest accrues.  If the Non-Negotiable Note is not repaid in Common Stock of the Issuer within three years of September 30, 2011, the Non-Negotiable Note will be payable in cash rather than Common Stock.

The Promissory Note is convertible to Common Stock of the Issuer at any time upon demand of the Reporting Person at a price of $0.10 per share.  The number of shares of Common Stock issuable upon conversion of this Promissory Note was determined as of September 30, 2011 and assumes the full amount of the outstanding balance of this Promissory Note would be converted.  The number of shares issuable pursuant to the Promissory Note will increase over time as interest accrues.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.