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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950138-10-000107.txt : 20100212
<SEC-HEADER>0000950138-10-000107.hdr.sgml : 20100212
<ACCEPTANCE-DATETIME>20100212172735
ACCESSION NUMBER:		0000950138-10-000107
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100212
DATE AS OF CHANGE:		20100212

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TAIL WIND FUND LTD
		CENTRAL INDEX KEY:			0001074435
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		WINDERMERE HOUSE
		STREET 2:		404 EAST BAY STREET P O BOX SS-5539
		CITY:			BRITISH VIRGIN ISLES
		STATE:			A1
		ZIP:			00000

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NETSOL TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001039280
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				954627685
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-56913
		FILM NUMBER:		10601254

	BUSINESS ADDRESS:	
		STREET 1:		23901 CALABASAS ROAD
		STREET 2:		SUITE 2072
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302
		BUSINESS PHONE:		8182229195

	MAIL ADDRESS:	
		STREET 1:		23901 CALABASAS ROAD
		STREET 2:		SUITE 2072
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETSOL INTERNATIONAL INC
		DATE OF NAME CHANGE:	19990819

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIRAGE HOLDINGS INC
		DATE OF NAME CHANGE:	19970519
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>feb12_13ga-netsol.htm
<TEXT>

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   <TITLE>feb12_13ga-netsol.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'><br>
<br>
UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, D.C. 20549<br>
<br>
SCHEDULE 13G<br>
(RULE 13d - 102)<br>
<br>
Information to be included in statements filed pursuant<br>
to Rules 13d-1(b), (c) and (d) and amendments thereto filed<br>
pursuant to 13d-2(b)<br>
<br>
(AMENDMENT NO. 7)*<br>
<br>
NetSol Technologies, Inc.<br>
(Name of Issuer)<br>
<br>
Common Stock, $0.001 par value</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>(Title of Class of Securities)<br>
<br>
64115A204</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>(CUSIP Number)<br>
<br>
<br>
December 31, 2009<br>
(Date of Event which Requires Filing of this Statement)<br>
<br>
Check the appropriate box to designate the rule pursuant to which this Schedule<br>
is filed:<br>
<br>
[ ]&#160;&#160;&#160;&#160;&#160;&#160;&#160; Rule 13d-1(b)<br>
[x]&#160;&#160;&#160;&#160;&#160;&#160;&#160; Rule 13d-1(c)<br>
[ ]&#160;&#160;&#160;&#160;&#160;&#160;&#160; Rule 13d-1(d)<br>
<br>
<br>
*The remainder of this cover page shall be filled out for a reporting person's<br>
initial filing on this form with respect to the subject class of securities, and<br>
for any subsequent amendment containing information which would alter<br>
disclosures provided in a prior cover page.<br>
<br>
The information required on the remainder of this cover page shall not be deemed<br>
to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange Act of<br>
1934 (&quot;Act&quot;) or otherwise subject to the liabilities of that section of the Act<br>
but shall be subject to all other provisions of the Act (however, see the<br>
Notes).<br>
<br>
(Continued on the Following Pages)<br>
<br>
(Page 1 of 5)</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>&nbsp;</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_2"></a>
<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></b></p>
<div align=left>
<table cellpadding=0 cellspacing=0 border=0 style='border-collapse:collapse;width:511.199982pt;'>
<tr>
     <td valign=top width=34% style='padding:0in 5.4pt 0in 5.4pt;'>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>CUSIP No. 64115A204&#160; </font></p>
</td>
     <td valign=top width=33% style='padding:0in 5.4pt 0in 5.4pt;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Courier New" style='font-size:8.0pt;'>13G</font></p>
</td>
     <td valign=top width=33% style='padding:0in 5.4pt 0in 5.4pt;'>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>Page 2 of 5 Pages</font></p>
</td> </tr> </table></div>
<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>1.&#160;&#160;&#160;&#160;&#160; NAMES OF REPORTING PERSONS<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160; I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
<br>
</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Tail Wind Fund Ltd.<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
2.&#160;&#160;&#160;&#160;&#160; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160; [ ]<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160; [X]<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
3.&#160;&#160;&#160;&#160;&#160; SEC USE ONLY</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
4.&#160;&#160;&#160;&#160;&#160; CITIZENSHIP OR PLACE OF ORGANIZATION</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A British Virgin Islands corporation<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
5.&#160;&#160;&#160;&#160;&#160; SOLE VOTING POWER</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;3,822,192<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
6.&#160;&#160;&#160;&#160;&#160; SHARED VOTING POWER</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;0<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
7.&#160;&#160;&#160;&#160;&#160; SOLE DISPOSITIVE POWER</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;3,822,192<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
8.&#160;&#160;&#160;&#160;&#160; SHARED DISPOSITIVE POWER</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
9.&#160;&#160;&#160;&#160;&#160; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,822,192<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
10.&#160;&#160;&#160;&#160; CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160; EXCLUDES CERTAIN SHARES*&#160;&#160;&#160;&#160;&#160;&#160; [X]</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
11.&#160;&#160;&#160;&#160; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.9%<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
12.&#160;&#160;&#160;&#160; TYPE OF REPORTING PERSON*</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>CO<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *SEE INSTRUCTIONS BEFORE FILLING OUT!</font></b></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_3"></a>
<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></b></p>
<div align=left>
<table cellpadding=0 cellspacing=0 border=0 style='border-collapse:collapse;width:511.199982pt;'>
<tr>
     <td valign=top width=34% style='padding:0in 5.4pt 0in 5.4pt;'>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>CUSIP No. 64115A204&#160; </font></p>
</td>
     <td valign=top width=33% style='padding:0in 5.4pt 0in 5.4pt;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Courier New" style='font-size:8.0pt;'>13G</font></p>
</td>
     <td valign=top width=33% style='padding:0in 5.4pt 0in 5.4pt;'>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>Page 3 of 5 Pages</font></p>
</td> </tr> </table></div>
<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>1.&#160;&#160;&#160;&#160;&#160; NAMES OF REPORTING PERSONS<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160; I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
<br>
</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tail Wind Advisory &amp; Management Ltd.<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
2.&#160;&#160;&#160;&#160;&#160; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160; [ ]<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160; [X]<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
3.&#160;&#160;&#160;&#160;&#160; SEC USE ONLY</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
4.&#160;&#160;&#160;&#160;&#160; CITIZENSHIP OR PLACE OF ORGANIZATION</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A U.K. corporation<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
5.&#160;&#160;&#160;&#160;&#160; SOLE VOTING POWER</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;3,822,192<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
6.&#160;&#160;&#160;&#160;&#160; SHARED VOTING POWER</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;0<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
7.&#160;&#160;&#160;&#160;&#160; SOLE DISPOSITIVE POWER</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;3,822,192<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
8.&#160;&#160;&#160;&#160;&#160; SHARED DISPOSITIVE POWER</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
9.&#160;&#160;&#160;&#160;&#160; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,822,192<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
10.&#160;&#160;&#160;&#160; CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160; EXCLUDES CERTAIN SHARES*&#160;&#160;&#160;&#160;&#160;&#160; [X]</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
11.&#160;&#160;&#160;&#160; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;9.9%<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
12.&#160;&#160;&#160;&#160; TYPE OF REPORTING PERSON*</font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>CO<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *SEE INSTRUCTIONS BEFORE FILLING OUT!</font></b></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_4"></a>
<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></b></p>
<div align=left>
<table cellpadding=0 cellspacing=0 border=0 style='border-collapse:collapse;width:511.199982pt;'>
<tr>
     <td valign=top width=34% style='padding:0in 5.4pt 0in 5.4pt;'>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>CUSIP No. 64115A204&#160; </font></p>
</td>
     <td valign=top width=33% style='padding:0in 5.4pt 0in 5.4pt;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Courier New" style='font-size:8.0pt;'>13G</font></p>
</td>
     <td valign=top width=33% style='padding:0in 5.4pt 0in 5.4pt;'>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>Page 4 of 5 Pages</font></p>
</td> </tr> </table></div>
<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>This statement is filed pursuant to Rule 13d-2(a) with respect to the common stock (the &quot;Common Stock&quot;) of NetSol Technologies, Inc. beneficially owned by the Reporting Persons specified herein as of January 31, 2010 and amends and supplements the Schedule 13G filed by The Tail Wind Fund Ltd. on June 23, 2006, as amended on February 12, 2007, July 12, 2007, July 16, 2007, January 23, 2008, August 4, 2008 and February 12, 2009 (the &quot;Schedule 13G&quot;).</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>The names of the persons filing this Amendment No. 7 to Schedule 13G are: (1) The Tail Wind Fund Ltd., a B.V.I. corporation (&quot;TWF&quot;), and (2) Tail Wind Advisory &amp; Management Ltd., a UK corporation authorized and regulated by the Financial Services Authority of Great Britain (&#8220;TWAM&#8221;), as joint filers (collectively, the &#8220;Reporting Persons&#8221;).</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Amendment No. 7 to Schedule 13G as Exhibit 1, pursuant to which the Reporting Persons have agreed to file this Amendment No. 7 to Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended.</font></p>
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<br>
</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:1.0in;'><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>ITEM 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; OWNERSHIP.</font></b></p>
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&#160;&#160;&#160;&#160;&#160;&#160;&#160; Provide the following information regarding the aggregate number and<br>
percentage of the class of securities of the issuer identified in Item 1.<br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160; Amount beneficially owned:</font></p>
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3,822,192 shares of Common Stock*</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:1.0in;margin-top:0in;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160; Percent of class:<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:1.0in;margin-top:0in;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>The Reporting Persons&#8217; beneficial ownership 3,822,192* shares of Common Stock constitutes 9.9%* of all the outstanding shares of Common Stock, based upon 35,436,277 shares of Common Stock outstanding as of February 5, 2010, as reported by the issuer, plus the number of shares underlying the Notes and Warrants held by the Reporting Persons (as defined below).</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:1.0in;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;(c)&#160;&#160; Number of shares as to which such person has:<br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&#160;&#160;&#160;&#160; Sole power to vote or to direct the vote<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160; 3,822,192*<br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)&#160;&#160;&#160; Shared power to vote or to direct the vote<br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.<br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iii)&#160;&#160; Sole power to dispose or to direct the disposition of<br>
</font><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>3,822,192*<br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iv)&#160;&#160;&#160; Shared power to dispose or to direct the disposition of<br>
<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt;margin-right:1.0in;margin-top:0in;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>*Subject to the Ownership Limitation (defined below), TWF may be deemed to beneficially own a total of 7,355,432 shares of Common Stock (the &#8220;TWF Shares&#8221;), including (i) 650,467 shares of Common Stock held by TWF, (ii) 2,857,143 shares of Common Stock issuable upon conversion of $1,800,000 in principal amount of the issuer&#8217;s Convertible Notes Due July 10, 2010 (&#8220;2009 Notes&#8221;) issued to TWF at a conversion price of $0.63 (without any interest accrual), (iii) 793,650 shares of Common Stock issuable upon exercise of warrants issued to TWF on June 29, 2007, (iv) 793,650 shares of Common Stock issuable upon exercise of warrants issued to TWF on October 29, 2007 (together with the warrants issued on June 29, 2007, the &#8220;Warrants&#8221;), and (v) 2,260,522 shares of Common Stock issuable upon conversion of $1,424,128.86 in pri
ncipal amount of the issuer&#8217;s Convertible Notes due July 31, 2011 issued to TWF on July 23, 2008 at a conversion price of $0.63 (without any interest accrual) (together with the 2009 Notes, the &#8220;TWF Notes&#8221;).</font></p>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Courier New">CUSIP No. 64115A204&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Courier New">13G</FONT></P>
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<P style="MARGIN: 0in 1in 0pt 9pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Courier New">Subject to the Ownership Limitation, TWAM may be deemed to beneficially own a total of 7,988,807 shares of Common Stock (the &#147;TWAM Shares&#148;), including (i) the TWF Shares, which it may be deemed to beneficially own in its capacity as the investment manager for TWF, and (ii) 876,192 shares of Common Stock issuable upon conversion of $633,375 in principal amount of the issuer&#146;s Convertible Notes due July 31, 2011 issued to TWAM on July 23, 2008 at a conversion price of $0.63 (without any interest accrual) (together with the TWF Notes, the &#147;Notes&#148;).</FONT></P>
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<P style="MARGIN: 0in 1in 0pt 9pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Courier New">In accordance with Rule 13d-4 under the Securities Exchange Act of 1934, as amended, because the number of shares of Common Stock into which the Reporting Persons&#146; Notes and Warrants are convertible and exercisable is limited, pursuant to the terms of such instruments, to that number of shares of Common Stock which would result in the Reporting Persons having beneficial ownership of 9.9% of the total issued and outstanding shares of Common Stock (the "Ownership Limitation"), the Reporting Persons disclaim beneficial ownership of any and all shares of Common Stock that would cause any Reporting Person's beneficial ownership to exceed the Ownership Limitation.</FONT></P>
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<P style="MARGIN: 0in 1in 0pt 9pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Courier New">Therefore, in accordance with the Ownership Limitation, based upon 35,436,277 shares of common stock outstanding as of February 5, 2010, each of the Reporting Persons beneficially owns 3,822,192 shares of Common Stock, TWF disclaims beneficial ownership of 3,533,240 and TWAM disclaims beneficial ownership of 4,166,615 shares of Common Stock.</FONT></P>
<P style="MARGIN: 0in 1in 0pt 9pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Courier New"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 1in 0pt 9pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Courier New">In addition, as permitted by Rule 13d-4, the filing of this statement shall not be construed as an admission that TWAM, in its capacity as investment manager for TWF, is the beneficial owner of the TWF Shares or that David Crook, in his capacity as CEO and controlling shareholder of TWAM, is the beneficial owner of the TWAM Shares.&nbsp; TWAM expressly disclaims any equitable or beneficial ownership of the TWF Shares, and David Crook expressly disclaims any equitable or beneficial ownership of the TWAM Shares.</FONT></P>
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<P style="MARGIN: 0in 1in 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Courier New">ITEM 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CERTIFICATION.</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Courier New"><BR>
<BR>
By signing below the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Courier New">SIGNATURE</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Courier New"><BR>
<BR>
</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After reasonable inquiry and to the best of its knowledge and belief, <BR>
each of the undersigned certifies that the information set forth in this statement is<BR>
true, complete, and correct.<BR>
<BR>
<BR>
</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="New York">Dated: February 12, 2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face="Courier New">THE TAIL WIND FUND LTD.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Courier New">By:&nbsp; /s/ Andrew P. MacKellar</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Courier New">Andrew P. MacKellar, Director</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="New York">Dated: February 12, 2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face="Courier New">TAIL WIND ADVISORY &amp; MANAGEMENT LTD.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Courier New">By:&nbsp; /s/ Daniel Nye</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Courier New">Daniel Nye, Portfolio Manager</FONT></P>
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<p align=right style='margin:0in;margin-bottom:.0001pt;text-align:right;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>Exhibit 1</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>&nbsp;</font></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>JOINT FILING AGREEMENT</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to 3,822,192 shares of Common Stock of NetSol Technologies, Inc. and further agree that this Joint Filing Agreement shall be included as an exhibit to such joint filings.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>The undersigned further agree that each party hereto is responsible for the timely filing of such Schedule 13G and any amendments thereto, and for the completeness and accuracy of the information concerning such party contained therein; provided, however, that no party is responsible for the completeness or accuracy of the information concerning any other party making the filing, unless such party knows or has reason to believe that such information is inaccurate.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>IN WITNESS WHEREOF, the parties have executed this Joint Filing Agreement on February 12, 2010.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="New York" lang=EN-US style='font-size:9.0pt;'>&nbsp;</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Courier New" style='font-size:8.0pt;'>THE TAIL WIND FUND LTD.</font></b></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></b></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>&nbsp;</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>By:&#160; /s/ Andrew P. MacKellar</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>Andrew P. MacKellar, Director</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><b><font face="Courier New" style='font-size:8.0pt;'>TAIL WIND ADVISORY &amp; MANAGEMENT LTD.</font></b></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" lang=EN-US style='font-size:8.0pt;'>&nbsp;</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>By:&#160; /s/ Daniel Nye</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>&nbsp;</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Courier New" style='font-size:8.0pt;'>Daniel Nye, Portfolio Manager</font></p>
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