Praise quite regularly received by large group (7)
I believe the answer is:
tribute
'praise' is the definition.
(thesaurus)
'quite regularly received by large group' is the wordplay.
'regularly' means one should take alternating letters (regularly take one letter, leave next etc.).
'received by' is an insertion indicator.
'large group' becomes 'tribe' (tribe can mean a large social grouping).
The alternating letters of 'quite' are 'ut'.
'ut' going into 'tribe' is 'TRIBUTE'.
(Other definitions for tribute that I've seen before include "Payment to overlord" , "Something given or said as an expression of esteem" , "Honour" , "Act of esteem" , "Accolade" .)