Step 1: Understanding the Concept:
The question asks for the specific time of day or night assigned to Raga Malkauns according to the 'Samay Chakra' or Time Theory of Hindustani ragas.
Step 2: Detailed Explanation:
Raga Malkauns is a profound, meditative raga belonging to the Bhairavi that. According to the time theory, it is assigned to the last prahar (a 3-hour period) of the night. This period corresponds to the time just after midnight. Therefore, its designated performance time is 'Madhya Ratri' or midnight.
Step 3: Final Answer:
The time of Raga Malkauns is Madhya Ratri (Mid Night).