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The modular multilevel converter (MMC), owing to the presence of a large number of submodules (SMs) and energy storing elements, requires a large footprint and initial investment. To address these issues, this paper proposes the switched modular multilevel converter (SMMC). It consists of two major elements; the chain-links (CLs), consisting of cascade connection of SMs as in MMC, and the single-pole-triple-throw (SPTT) switches, which can be realized using either the T-type or NPC-type switch strings. The SMMC works on the principle of connecting all the phase-legs in series and their respective positions are mutually interchanged. It offers a compact structure as the SMs count is reduced to 33% of MMC, which results in a much lower energy storage requirement. Furthermore, it does not have inter-phase circulating current problem and hence the CL inductors can also be avoided. The SMMC structure, operating principles, control, and modulation schemes are explained in detail. A detailed comparison of SMMC with the other major existing converters is carried out to highlight the important features of SMMC. The efficacy of SMMC is validated using PSCAD simulation studies with a 19-level grid-connected SMMC model. A 3-phase 19-level SMMC laboratory prototype is developed to further validate its feasibility. [ABSTRACT FROM AUTHOR]