The intrinsic characteristics such as modular structure, filterless operation, and absence of DC-link capacitor have made the modular multilevel converter (MMC) superior to the conventional multilevel converters. However, the submodule (SM) capacitor voltage balancing is crucial. This paper presents a voltage balance control method for MMC. The proposed method generates 2N + 1 levels (where N is the number of SMs per arm) which halves the step size of output voltage and improves the harmonic performance as compared to N + 1 level generation. It requires only one carrier per phase and no voltage and current measurements are needed for the implementation. Therefore, the proposed method makes the system cost-effective and reduces the implementation issues related with carrier-based methods substantially. It also alleviates the non-uniform charge distribution problem with the phase disposition pulse width modulation (PDPWM) technique. Further, a detailed mathematical analysis is presented which enhances the understanding of balancing algorithm. In addition to this, the circulating current with 2N + 1 modulation is analyzed and a control technique is presented. The proposed voltage balancing method is simulated comprehensively in MATLAB/SIMULINK software and validated by the experimental results obtained from a laboratory prototype.