Error "License keys missing" in SAP GUI 7.40: As we know, GuiXT works without license keys if we don't have any IA related parameters. And SAP GUI 730 is working fine without license keys. But based on our initial tests with SAP GUI 740 and above patch levels, SAP GUI  throws an error saying "License Keys missing".
Can we use SAP GUI 740 without license keys or licenseFile? Or has this free feature been taken out?

If you do not tick any other component apart from "GuiXT" in GuiXT profile, the license keys are still not necessary, as before.  But you need to tick "GuiXT", unlike with older GuiXT versions, where you could leave the component selection empty.

With GuiXT version 2015 Q3 2, delivered with SAP GUI 7.40 PL5, GuiXT will again automatically assume "Component GuiXT" if no component is chosen.