You could use the asp.net ajax MaskEditExtender control to mask a field. Here's a quick example for your reference:
<asp:TemplateField>
<EditItemTemplate>
<asp:TextBox ID="TextBox1" runat="server" Text='<%# Bind("AcceptedTime", "{0:HH:mm} ") %>'></asp:TextBox>
<cc1:MaskedEditExtender ID="MaskedEditExtender1" runat="server"
Mask="99:99"
MaskType="Time"
TargetControlID="TextBox1"
MessageValidatorTooltip="true">
</cc1:MaskedEditExtender>
<cc1:MaskedEditValidator
ID="MaskedEditValidator1"
runat="server"
ControlToValidate="TextBox1"
ControlExtender="MaskedEditExtender1"
IsValidEmpty="false"
EmptyValueMessage="Input time"
InvalidValueMessage="Time is not valid">
</cc1:MaskedEditValidator>
</EditItemTemplate>
<ItemTemplate>
<asp:Label ID="Label1" runat="server" Text='<%# Bind("AcceptedTime") %>'></asp:Label>
</ItemTemplate>
</asp:TemplateField>