SEC Form 3

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 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* VASHIST RAJESH (Last) (First) (Middle) C/O IKANOS COMMUNICATIONS 47669 FREMONT BOULEVARD (Street) FREMONT CA 94538 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 09/21/2005	3. Issuer Name and Ticker or Trading Symbol IKANOS COMMUNICATIONS [ IKAN ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner X Officer (give title below) Other (specify below) President & CEO	5. If Amendment, Date of 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

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	282,682	D
Common Stock	4,166	I	By Rajesh Vashist and Rohini Vashist, Trustees of Vashist Family Trust u.i dtd February 10, 2000
Common Stock	416	I	By Rohini Vashist, Custodian for Mallika Vashist, a minor under CUTMA until age 21

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: 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
Employee stock option (Right to buy)	(1)	10/12/2011	Common Stock	108,333	$1.08	D
Employee stock option (Right to buy)	(2)	06/26/2013	Common Stock	341,666	$0.48	D
Employee stock option (Right to buy)	(3)	03/10/2014	Common Stock	175,483	$0.48	D
Employee stock option (Right to buy)	(4)	07/19/2015	Common Stock	125,000	$10.2	D

Explanation of Responses:

1. The option is fully exercisable from its October 12, 2001 date of grant and vests at the rate of 1/48th of the shares on September 1, 2001 and each one month anniversary thereafter.

2. On June 26, 2003, the Reporting Person was granted an option to purchase 550,000 shares of Common Stock, of which 208,333 have been exercised. The option is fully exercisable from the date of grant and vests at the rate of 18/48ths of the shares on February 1, 2003 and as to 1/48th of the shares on March 1, 2003 and each one month anniversary thereafter.

3. The option is fully exercisable from its March 10, 2004 date of grant and vests at the rate of 1/4th of the shares on February 27, 2005 and as to 1/48th of the shares on each one month anniversary thereafter.

4. The option is fully exercisable from its July 19, 2005 date of grant and vests at the rate of 1/48th of the shares on July 1, 2005 and each one month anniversary thereafter.

	/s/ A. Baqi Khan, by power of attorney	09/21/2005
	** 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).
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