The widespread application of DSTATCOM for filtering load harmonics is expected to occur in the near future. Although the requirement of DSTATCOM is universally accepted, equipment cost can still be an impediment for its wide usage. The use of DSTATCOM can be very well justified by incorporating multiple control functions on the same equipment. In this paper, the performance evaluation of a Single DSTATCOM which can perform the three major functions namely the elimination of harmonics, load balancing and reactive power compensation is investigated. The study is performed on a representative system and the transient simulation is carried out by the detailed nonlinear model of DSTATCOM using MATLAB-SIMULINK.