Exemption from keeping me held regularly (7)
I believe the answer is:
freedom
'exemption' is the definition.
(synonyms)
'from keeping me held regularly' is the wordplay.
'keeping' indicates putting letters inside.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
'me'+'held'='meheld'
The alternate letters of 'meheld' are 'eed'.
'from' placed around 'eed' is 'FREEDOM'.
(Other definitions for freedom that I've seen before include "Lack of restrictions" , "Power to act without restraint" , "novel" , "outspokenness" , "'. . . . . . .'s just another word for nothin' left to lose' (Kristofferson)" .)