This paper presents a custom power device, named as Transformer-less Universal Power Quality Conditioner (TUnPQC), for load compensation applications in three-phase system. The TUnPQC consists of shunt and series compensators without a common DC link. The shunt compensator prevalently known as distribution static compensator (DSTATCOM) eliminates the current harmonics instigating from the nonlinear loads. The series compensator of the proposed system, also known as transformer-less dynamic voltage restorer, eliminates voltage-related power quality problems without using any injecting transformer. The proposed configuration is more appropriate for the applications where size and weight are critical decisive factors. The switching scheme of TUnPQC utilizes the discrete model of the system for generation of pulses. Functionalities of TUnPQC-connected system are analysed and tested through MATLAB/Simulink. The results demonstrate the efficacy of TUnPQC in mitigating the effects of voltage sag/swell and also in suppressing the load current harmonics.