Caspian Services Inc - Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	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

1. Name and Address of Reporting Person ^*

Altima Central Asia Master Fund LTD

2. Date of Event Requiring Statement (MM/DD/YYYY) 6/20/2008

3. Issuer Name and Ticker or Trading Symbol

CASPIAN SERVICES INC [CSSV]

(Last) (First) (Middle)

QUEENSGATE HOUSE, SOUTH CHURCH STREET

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director ___ X ___ 10% Owner
_____ Officer (give title below) _____ Other (specify below)

(Street)

GEORGETOWN, GRAND CAYMAN, E9 GT1234

(City) (State) (Zip)

5. If Amendment, Date Original Filed (MM/DD/YYYY)

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

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

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	6521740	D ⁽¹⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)

Explanation of Responses:

( 1)

All shares are underlying convertible debt determined at the close of trading on the transaction date. Debt is convertible at a fixed price. The convertible debt is owned directly by Altima Central Asia Master Fund Limited (the "Master Fund"), and may be deemed to be beneficially owned by Altima Central Asia Fund Limited (the "Feeder Fund"), a controlling shareholder of the Master Fund; Altima Partners LLP (the "Adviser"), the investment adviser to the Master Fund and the Feeder Fund; Mark Donegan, Malcolm Goddard, Edmund Limerick and Alexander Schwarzkopf as partners of the Adviser; and Edmund Limerick and Alexander Schwarzkopf, the portfolio managers for the Master Fund.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Altima Central Asia Master Fund LTD QUEENSGATE HOUSE SOUTH CHURCH STREET GEORGETOWN, GRAND CAYMAN, E9 GT1234		X
Altima Central Asia Fund LTD QUEENSGATE HOUSE SOUTH CHURCH STREET GEORGETOWN, GRAND CAYMAN, E9 GT1234		X
Altima Partners LLP STIRLING SQUARE 7 CARLTON GARDENS, LONDON, X0 SW1Y 5AD		X
Schwarzkopf Alexander STIRLING SQUARE 7 CARLTON GARDENS LONDON, X0 SW1Y 5AD		X
Limerick Edmund STIRLING SQUARE 7 CARLTON GARDENS LONDON, X0 SW1Y 5AD		X
Donegan Mark STIRLING SQUARE 7 CARLTON GARDENS LONDON, X0 SW1Y 5AD		X
Goddard Malcolm STIRLING SQUARE 7 CARLTON GARDENS LONDON, X0 SW1Y 5AD		X

Signatures
Altima Central Asia (Master) Fund Limited By: /s/ Scott Baker, Director		6/30/2008
^** Signature of Reporting Person		Date
Altima Central Asia Fund Limited By: /s/ Scott Baker, Director		6/30/2008
^** Signature of Reporting Person		Date
Altima Partners LLP By: /s/ Malcolm Goddard, Partner		6/30/2008
^** Signature of Reporting Person		Date
By: /s/ Malcolm Goddard		6/30/2008
^** Signature of Reporting Person		Date
By: /s/ Mark Donegan		6/30/2008
^** Signature of Reporting Person		Date
By: /s/ Edmund Limerick		6/30/2008
^** Signature of Reporting Person		Date
By: /s/ Alexander Schwarzkopf		6/30/2008
^** 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 5(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.
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.