The lookup contains 7 million entries now. Querying it takes about 5-10 seconds which is ok. But updating it takes up to 45 minutes now. I'll try some other way of doing this.
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I had followed the below link to achieve this
http://docs.splunk.com/Documentation/Splunk/latest/Knowledge/Manageknowledgeobjectpermissions#Enable_a_role_other_than_Admin_and_Power_to_set_permissions_and_share_objects[link text]1
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