Corrected handling of Mercator2SP (9805) in ogr_fromepsg.cpp in trunk (r18979). With this change 3388 expands as:
PROJCS["Pulkovo 1942 / Caspian Sea Mercator",
GEOGCS["Pulkovo 1942",
DATUM["Pulkovo_1942",
SPHEROID["Krassowsky 1940",6378245,298.3,
AUTHORITY["EPSG","7024"]],
TOWGS84[23.92,-141.27,-80.9,-0,0.35,0.82,-0.12],
AUTHORITY["EPSG","6284"]],
PRIMEM["Greenwich",0,
AUTHORITY["EPSG","8901"]],
UNIT["degree",0.01745329251994328,
AUTHORITY["EPSG","9122"]],
AUTHORITY["EPSG","4284"]],
UNIT["metre",1,
AUTHORITY["EPSG","9001"]],
PROJECTION["Mercator_2SP"],
PARAMETER["standard_parallel_1",42],
PARAMETER["central_meridian",51],
PARAMETER["false_easting",0],
PARAMETER["false_northing",0],
AUTHORITY["EPSG","3388"],
AXIS["none",NORTH],
AXIS["none",EAST]]
and translates to PROJ.4 as:
+proj=merc +lon_0=51 +lat_ts=42 +x_0=0 +y_0=0
+ellps=krass +towgs84=23.92,-141.27,-80.9,-0,0.35,0.82,-0.12
+units=m +no_defs
It would be desirable to have a known test point for 3388. Note this change also corrects the interpretation of EPSG:3994 WGS/Mercator41.