Exhibits diary regularly in events at school (6,3)

I believe the answer is:

sports day

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'events at school' is the definition.
I know nothing about this answer so I cannot judge whether it can be defined by this definition.

'exhibits diary regularly' is the wordplay.
'exhibits' becomes 'sports'.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
The alternating letters of 'diary' are 'day'.
'sports'+'day'='SPORTS DAY'

'in' is the link.

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I've seen this clue in The Independent.

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