Heat a large nonstick skillet coated with cooking spray over medium-high heat. Add shrimp; sauté 1 to 2 minutes or until almost done. Remove shrimp from pan; keep warm.
Add red bell pepper and onion to pan; cook over medium-high heat 5 minutes or until crisp-tender, stirring frequently. Combine coconut milk and cornstarch in a small bowl. Add cornstarch mixture, water, and next 3 ingredients to pan. Bring to a boil; simmer 1 to 2 minutes or until sauce is thickened. Add shrimp and peas; cook 1 minute or until thoroughly heated. Serve over basmati rice.