Reportedly securing upper limit (7)
I believe the answer is:
ceiling
'upper limit' is the definition.
(I've seen this before)
'reportedly securing' is the wordplay.
'reportedly' shows a homophone (sound like).
'securing' becomes 'sealing' (I've seen this before).
'sealing' is a homophone of 'CEILING'.
(Other definitions for ceiling that I've seen before include "Room's upper surface" , "Overhead surface" , "upper limit on wages" , "likely to get plastered" .)