Put the oil in a large skillet and add the red onion and garlic. Cook until the onions are soft, about 4 minutes and then add the garam masala, asafoetida, mustard seeds, cumin seeds, and Spanish paprika and cook for 10 seconds. Add the red peppers and cook for about 2 minutes and then pour in the vegetable broth and wine. Season the mixture with salt and pepper and then simmer until the peppers are soft, about 8 to 10 minutes.
Place the peppers and broth in a blender and carefully puree in batches until very smooth. Toast the cumin seeds in a cast iron pan until they begin to lightly smoke and smell good and fragrant. Pour the puree into a clean saucepan and reheat and serve in a bowl with the toasted cumin seeds.
*Can be found at specialty Asian and Indian markets.