In this paper, a novel multi-level inverter for low cost high speed switched reluctance(SR) drive is proposed. The proposed multi-level converter has reduced number of power switches and diodes than that of a conventional asymmetric converter for SRM and smaller voltage rating of the dump capacitor comparing with energy efficient c-dump converter. It can supply five operating modes that is boosted, DC-link, zero, negative bias and negative boosted voltage. The proposed multi-level converter has fast excitation and demagnetization modes of phase current, so dynamic response can be achieved. The proposed multi-level converter is verified by computer simulation and experimental results.