An improved three level inverter scheme, with less number of switches, having the features of common mode voltage elimination, DC link capacitor voltage balancing, and minimization and equalization of voltage stress across the switches, for an open end winding induction motor drive, have been proposed in this paper. Open-end winding induction motor, when fed from its two ends by a three level inverter, suffers from the drawbacks of common mode voltage, which causes current to flow through its bearings along with the shaft and that type of capacitor voltage unbalance, causes current to flow through the neutral point. Further, such inverters require a large number of switches, which lead to higher switching losses and unequal voltage stress in the switches. A new inverter topology with less number of switches, that gets rid of the problems of common mode voltage and DC link capacitor voltage unbalance along with reduced and equalized voltage stresses in the switches, has been proposed in this paper. The simulation and the hardware results of the proposed topology show smoother output voltages across the machine phases.