(C) The $Pineal$ gland is located on the dorsal side of the forebrain. It secretes a hormone called $Melatonin$. $Melatonin$ plays a very important ro

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(C) The $Pineal$ gland is located on the dorsal side of the forebrain. It secretes a hormone called $Melatonin$. $Melatonin$ plays a very important role in the regulation of a $24$-hour $(diurnal)$ rhythm of our body, such as the sleep-wake cycle, body temperature, and metabolism. Therefore, the correct option is $C$.