Display insect under leaf (7)
I believe the answer is:
pageant
'display' is the definition.
(thesaurus)
'insect under leaf' is the wordplay.
'insect' becomes 'an't' (ant is a kind of insect).
'under' is a charade indicator (letters next to each other).
'leaf' becomes 'page' (page is a kind of leaf).
'ant' put after 'page' is 'PAGEANT'.
(Other definitions for pageant that I've seen before include "Elaborate procession on historical theme" , "Show" , "Scene moving" , "Colourful procession" , "Splendid procession, parade" .)