Inspectors (Capo tecnici, chief techmicians) at State Arsenals were responsible to check that gun parts, leather gear, tools and artillery produced in said Arsenals or by private companies were fit to milspecs.

They inspected every important piece for dimensions, material quality and resistance, and were directly responsible of eventual issues if several pieces of a batch had some unreported issues.

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If their inspection ended positively, they impressed an oval with their initials on the part (or on the completed object, like bayonets), sometimes with a royal crown upon it.

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Couple notable names are

Turani Mauro, inspector at Regia Fabbrica d'Armi Brescia that was personally responsible to check basically all Glisenti M1910 pistols produced by M.B.T.; 

Manenti Antonio, Inspector at Brescia whose initials could be seen on several items produced during WW1, including Bayonets, pistols and the m16 Adrian helmets produced by the firm Moneta Giuseppe of Milan.

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​Many others are recurring along the years, and are especially recurring on certain private productions (i.e., Rubessi Paolo will inspect almost the totality of MIDA productions)

 

 

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NdA: Check thorough this list, because many inspectors shared the same initials along the decades. I.e., SG in an oval marking on a 1918 Terni rifle will be a different person than SG in a circle on a 1898 Torino Rifle. 

These lists are NOT complete by any mean, they're just a first attempt at cracking the Inspector codes on Carcanos. 
Further research may change small elements, but most importantly more inspectors may pop up..