Multi-pulse topology of converters using elementary six-pulse GTO - VSC (gate turn off based voltage source converter) operated under fundamental frequency switching (FFS) control is widely adopted in high power rating static synchronous compensators (STATCOM). Practically, a 48-pulse ($6{ imes}8$ pulse) configuration is used with the phase angle control algorithm employing proportional and integral (PI) control methodology. These kinds of controllers, for example the ${pm}80MVAR$ compensator at Inuyama switching station, KEPCO, Japan, employs two stages of magnetics viz. intermediate transformers (as many as VSCs) and a main coupling transformer to minimize harmonics distortion in the line and to achieve a desired operational efficiency. The magnetic circuit needs altogether nine transformers of which eight are phase shifting transformers (PST) used in the intermediate stage, each rating equal to or more than one eighth of the compensator rating, and the other one is the main coupling transformer having a power rating equal to that of the compensator. In this paper, a two-level 48-pulse ${pm}100MVAR$ STATCOM is proposed where eight, six-pulse GTO-VSC are employed and magnetics is simplified to single-stage using four transformers of which three are PSTs and the other is a normal transformer. Thus, it reduces the magnetics to half of the value needed in the commercially available compensator. By adopting the simple PI-controllers, the model is simulated in a MATLAB environment by SimPowerSystems toolbox for voltage regulation in the transmission system. The simulation results show that the THD levels in line voltage and current are well below the limiting values specified in the IEEE Std 519-1992 for harmonic control in electrical power systems. The controller performance is observed reasonably well during capacitive and inductive modes of operation.