Thaw shrimp, if frozen. Peel and devein shrimp, leaving tails intact if desired. Rinse shrimp; pat dry with paper towels. Prepare grits according to package directions. Cover and keep warm.
Meanwhile, in a large skillet heat oil over medium heat. Add asparagus, sweet pepper, onion, and garlic; cook for 4 to 5 minutes or just until vegetables are tender, stirring occasionally.
Stir flour, Creole seasoning, salt, and black pepper into vegetable mixture. Gradually stir in broth. Cook and stir over medium heat just until thickened and bubbly; reduce heat. Stir in shrimp. Simmer, covered, for 1 to 3 minutes or until shrimp are opaque, stirring once. Serve shrimp mixture over grits.