I answer your question inline as bellow.
1)after changing the port in Splunk indexer, will I be able to search all the past data which was indexed using port 9997?
Yes. The past data is already stored in index server, you can search them without problem.
2)Will I get latest data using new port without any issues?
Yes, you can get data with new port. But you need to change configuration of all forwarders. If you use deployment server, you can deploy new configuration to all forwarder easily. If not, you need to change them manually.
3)Are there any special modifications we need to do for this to work properly?
Please let me know how I can change the port without causing any issues in existing data.
It does not affect existing data. Most problem I think is to change configuration of all forwarders.
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