The Indian Classical Music has 2 Variants.
Hindustani Classical Music
Carnatic Classical Music

My knowledge of Carnatic Classical Music is very limited. But the Carnatic Music does not have Gharanas and Musicians have to abide by very strict rules laid down over centuries.
Hindustani classical music gives freedom to Interpret compositions which eventually laid the basis for Gharanas. Like Gwalior, Kirana, Agra, Patiala, etc.
The Samay Chakra Mentions the Raag/Raagini which can be sung at a Particular time of the day