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M is a module which contains a specialised subset of the functions from the Stdlib.Seq module. Specifically, it contains those functions which take a function as parameter (e.g., map but not length). Moreover, those parameter functions' return type is specialised to be within the mon monad. E.g., given module SeqMon = Make(Mon) then SeqMon.M.map has type ('a -> 'b Mon.t) -> 'a t -> 'b t and SeqMon.M.iter has type ('a -> unit mon) -> 'a t -> unit mon.
See the documentation of Sigs1.SEQMON1TRANSFORMERS for more details.
Any monad that we can use to produce transformers, we can also use to produce traversors. Thus, SEQMON1TRANSFORMERS includes SEQMON1TRAVERSORS and all the functors producing transformer also produce traversors.