SEC FORM 3

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^*

CHOU CARLOS

(Last)

(First)

(Middle)

C/O SIEBEL SYSTEMS SINGAPORE

3 ANSON ROAD # 17-01, SPRINGLEAF TOWER

(Street)

SINGAPORE

079909

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/05/2004

3. Issuer Name and Ticker or Trading Symbol
SIEBEL SYSTEMS INC [ SEBL ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President, Asia Pacific Sales

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	4,568	D

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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)
Stock Options (Right to buy)	05/01/2004⁽¹⁾	04/30/2009	Common Stock	10,000	$8.66	D
Stock Options (Right to buy)	12/29/2004⁽²⁾	12/28/2009	Common Stock	60,000	$14.28	D
Stock Options (Right to buy)	10/04/2000⁽³⁾	10/03/2009	Common Stock	100,000	$16.69	D
Stock Options (Right to buy)	10/24/2002⁽⁴⁾	10/23/2011	Common Stock	28,500	$17.7	D
Stock Options (Right to buy)	04/05/2002⁽⁵⁾	04/04/2011	Common Stock	44,000	$23.88	D

Explanation of Responses:

1. Option becomes exercisable at a rate of 20% on May 1, 2004 and 5% for each quarter of service thereafter.

2. Option becomes exercisable at a rate of 20% on December 29, 2004 and 5% for each quarter of service thereafter.

3. Original option was for 200,000, of which 100,000 shares have been exercised. Option becomes exercisable at a rate of 20% on October 4, 2000 and 5% for each quarter of service thereafter.

4. Original option was for 30,000 shares, of which 1,500 shares have been exercised. The option becomes exercisable at a rate of 5% on January 24, 2002 and 5% for each quarter of service thereafter.

5. Option is fully vested.

	Carlos Chou	01/14/2004
	** 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.
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