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This paper focuses on the development of multilevel hysteresis current regulation strategies. Two such strategies have been discussed and some modifications in their control tasks have been proposed to achieve more reliable and improved performance. In general, the multiband concept has been used while making the proposals. The hysteresis band size considerations have also been presented by taking into account the desired and existing system conditions. The proposed modulation schemes have been applied to a five-level flying-capacitor inverter, whose operation under hysteresis current control mode is much less established. A new method of flying-capacitor voltage balancing is proposed which ensures balanced flying-capacitor voltages and, at the same time, maintains the desired current profile. It uses a time-based approach for controlling the capacitor voltages and achieves appreciable voltage spectrum under wide range of load power factor conditions. The performance of the proposed strategies is confirmed through both simulation and experimental investigations.