@kiran331, you would also need to confirm as to what is your Time field name and whether it is epoch timestamp or string timestamp.
If it is string time stamp i.e. the field
Time contains string time value as per your given example, then you need to first convert the same to epoch time using
strptime() and then use
strftime() to convert to the required format.
Time field contains epoch time then you would only require
strftime() to convert from epoch to string time as per your format. Following is run anywhere search as per your question. PS first two pipes are used to mock up
Time field with test value. You can replace the same with your search and time field name accordingly.
| makeresults | eval Time="2017-09-21T20:48:48.535427Z" | eval TimeStringConverted=strftime(strptime(Time,"%Y-%m-%dT%H:%M:%S.%6N"),"%m/%d/%Y %H:%M:%S %p") | table Time TimeStringConverted
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