Good university man finally controlling smuggling racket (10)
I believe the answer is:
gunrunning
'smuggling racket' is the definition.
(business of smuggling weapons)
'good university man finally controlling' is the wordplay.
'good' becomes 'g' (abbreviation).
'university' becomes 'u' (abbreviation for university).
'finally' says to take the final letters.
'controlling' becomes 'running' ().
The last letter of 'man' is 'n'.
'g'+'u'+'n'+'running'='GUNRUNNING'
(Other definitions for gunrunning that I've seen before include "Smuggling firearms" , "Illegal importing of firearms" .)