How to fix the broken stockbroking model

The problem is with the broking model and what brokers are allowed to do

If you are a retiree and have opened a broking account with any of the large brand-name stockbrokers, the following events could happen to you. You will get a call from the “relationship manager” of your broking firm making verbal promises of helping you earn a steady return every month by selling call and put options on the Nifty. He will explain to you that the trading positions are hedged and hence, there is nil or negligible risk. You hand over your investment portfolio of Rs 1.25 crore spread across 57 scrips, many of them being blue-chips like Hindustan Unilever,