Hi venkatg,
Refer below sample. Use column render function.
Controller
public class HomeController : Controller
{
    // GET: Home
    public ActionResult Index()
    {
        return View();
    }
    [HttpPost]
    public JsonResult AjaxMethod()
    {
        List<Data> datas = new List<Data>();
        datas.Add(new Data { No = 1, Description = "Each display should contain between 5 and 7 Premium Common Land Dual Land cards with the average being 6*" });
        return Json(datas);
    }
    public class Data
    {
        public int No { get; set; }
        public string Description { get; set; }
    }
}
View
@{
    Layout = null;
}
<!DOCTYPE html>
<html>
<head>
    <meta name="viewport" content="width=device-width" />
    <title>Index</title>
    <style type="text/css">
        body {
            font-family: Arial;
            font-size: 10pt;
        }
        .highlight {
            background-color: #FFFFAF;
            color: red;
        }
    </style>
</head>
<body>
    <div style="width: 500px">
        <table id="tblCustomers" cellpadding="0" cellspacing="0" border="1" style="border-collapse:collapse">
            <thead>
                <tr>
                    <th>Sr. No</th>
                    <th>Rule Description</th>
                </tr>
            </thead>
            <tbody></tbody>
        </table>
    </div>
    <script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1.8.3/jquery.min.js"></script>
    <script type="text/javascript" src="https://cdn.datatables.net/1.10.20/js/jquery.dataTables.min.js"></script>
    <link href="https://cdn.datatables.net/1.10.20/css/jquery.dataTables.css" rel="stylesheet" type="text/css" />
    <script type="text/javascript">
        $(function () {
            $.ajax({
                type: "POST",
                url: "/Home/AjaxMethod",
                data: '{}',
                contentType: "application/json; charset=utf-8",
                dataType: "json",
                success: OnSuccess,
                failure: function (response) {
                    alert(response.d);
                },
                error: function (response) {
                    alert(response.d);
                }
            });
        });
        function OnSuccess(response) {
            $("#tblCustomers").DataTable({
                bLengthChange: true,
                lengthMenu: [[5, 10, -1], [5, 10, "All"]],
                bFilter: true,
                bSort: true,
                bPaginate: true,
                data: response,
                columns: [{ 'data': 'No' },
                {
                    'data': 'Description',
                    'render': function (data, type, row) {
                        var searchPattern = new RegExp('[*]', 'ig');
                        return data.replace(searchPattern, "<span class = 'highlight'>" + SearchTerm() + "</span>");
                    }
                }]
            });
        };
    </script>
</body>
</html>