Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  Rakishev Kenges
 2. Date of Event Requiring Statement (Month/Day/Year)
04/20/2012		 3. Issuer Name and Ticker or Trading Symbol
Net Element, Inc. [NETE]
(Last)
(First)
(Middle)
C/O SAT & COMPANY, 241 MUKANOVA STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

ALMATY, 1P 050008		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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 213,333,334 (1) (2) (3)
I
See Footnotes (1) (2) (3)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 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)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Rakishev Kenges
C/O SAT & COMPANY
241 MUKANOVA STREET
ALMATY, 1P 050008		   X   X    
Mark Global Corp
C/O TRIDENT TRUST COMPANY (BVI) LIMITED
TRIDENT CHAMBERS, P.O. BOX 146
ROAD TOWN, TORTOLA, D8 		   X   X    

Signatures

/s/ Kenges Rakishev 04/30/2012
**Signature of Reporting Person Date
Mark Global Corporation, By: /s/ Kenges Rakishev, Authorized Signatory 04/30/2012
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) 13,333,334 Shares (as defined below) are held by Kenges Rakishev, a citizen of the Republic of Kazakhstan ("Mr. Rakishev"). 200,000,000 Shares are held by Mark Global Corporation, a company organized under the laws of the British Virgin Islands ("Mark Global"). "Shares" are shares of the Issuer's common stock, par value $0.001 per share.
(2) Mr. Rakishev is the sole shareholder of Mark Global. Consequently, Mr. Rakishev has voting control and investment discretion over securities held by Mark Global. As a result of the foregoing, Mr. Rakishev may be deemed to have beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") of the securities held by Mark Global.
(3) Each of Mr. Rakishev and Mark Global disclaim beneficial ownership of these Shares except to the extent of their pecuniary interest therein.
 
Remarks:
Pursuant to a Shareholder Rights Agreement that became effective at 12:01 a.m. (New York time) on April 23, 2012, by and among Mr. Rakishev,
Mark Global, Mike Zoi ("Mr. Zoi"), MZ Capital, LLC, a Delaware limited liability company ("MZ Delaware"),
MZ Capital, LLC, a Florida limited liability company ("MZ Florida"), Enerfund, LLC ("Enerfund", and together
with TGR Capital, Mr. Zoi, MZ Delaware and MZ Florida, the "Other Shareholder Parties"), and the Issuer, for so long as Mark
Global, together with its affiliates, has beneficial ownership (as determined under Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder) of greater than 5% of the Shares, Mark Global is entitled to nominate one director, and the
Other Shareholder Parties agreed to take all Necessary Action (as defined in the Shareholder Rights Agreement) to cause such nominee
to be elected to the Board of Directors of the Issuer (the "Board").  On April 24, 2012, Mark Global nominated Mr. Rakishev
as its nominee to the Board pursuant to Section 3.1(a) of the Shareholder Rights Agreement, and Mr. Rakishev was elected to the
Board.  Mr. Rakishev will serve as Mark Global's representative on the Board.

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.