Single-phase AC–AC converters with a direct power conversion approach are receiving rapid development as they have the ability to produce the regulated non-inverting and inverting form of the input voltage at the output. This feature enables them to correct the line voltage profile once they are used as dynamic voltage restorers if there is an issue of voltage sag or swell in the power distribution system. The regulated non-inverting and inverting form of the output voltage may also be used to obtain the step change in the output frequency, as it is required in many industrial drive systems. However, the realization of such existing circuits needs a large number of components and semiconductor devices, especially switching transistors. The operating control (on and off) of the transistors is directly associated with the use of gate control circuits. The count of such circuits is critical as their volume and cost are much greater than the operating transistors. The number of conducting semiconductor devices in the existing converters is also a big source of high conversion losses, thus leading to lower efficiency. This article introduces a new circuit topology realized only with the use of one full bridge of four IGBTs and a full bridge of four diodes. The use of four switching transistors only requires four gate control circuits that drastically reduce the overall volume and size. All the operating modes of the proposed topology require the conduction of fewer semiconductor devices, which helps to lower the conduction losses. Detailed analysis and description were carried out to validate the attractive features of the developed circuit once compared with the existing circuit topologies. For validation purposes, the computer simulation was carried out on Simulink software. The results obtained from this environment were compared with the real results gained from a practically developed laboratory test bench. The voltage regulation characteristics of the output voltage by employing pulse width modulation (PWM) were confirmed for two values of the non-inverting and inverting outputs.