Keys grasped and observed (6)

I believe the answer is:

beheld

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'observed' is the definition.
(I've seen this in another clue)

'keys grasped' is the wordplay.
'keys' becomes 'be' (I can't explain this - if you can you should believe this answer much more).
'grasped' becomes 'held' (I've seen this in another clue).
'be'+'held'='BEHELD'

'and' is the link.

Can you help me to learn more?

(Other definitions for beheld that I've seen before include "Saw or observed in olden times" , "watched" , "Laid eyes on" , "Seen" .)

I've seen this clue in The Daily Express.

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